Does maintaining a place of business in the state trigger a notice filing (regardless of number of clients)?
Yes
OKLA. STAT. ANN. tit. 71 § 1-405(B)(1)(2017)
Place of business means:
- An office at which the broker-dealer, investment adviser, or federal covered investment adviser regularly provides brokerage or investment advice or solicits, meets with, or otherwise communicates with customers or clients; or
- Any other location that is held out to the general public as a location at which the broker-dealer, investment adviser, or federal covered investment adviser provides brokerage or investment advice or solicits, meets with, or otherwise communicates with customers or clients.
OKLA. STAT. ANN. tit. 71 § 1-102(23)(2017)
What is the maximum number of clients adviser can have in the state without triggering a notice filing?
5
OKLA. STAT. ANN. tit. 71 § 1-405(B)(2)(2017)
What sorts of clients are not counted for purposes of determining whether to notice file?
- Federal covered investment advisers,
- investment advisers registered under Oklahoma law,
- broker-dealers registered in Oklahoma,
- institutional investors,
- bona fide preexisting clients whose principal places of residence are not in Oklahoma,
- other clients specified by rule adopted or order issued under Oklahoma law,
- depository institutions or international banking institutions,,
- insurance companies (including separate accounts),
- investment companies as defined in the Investment Company Act of 1940,
- broker-dealers registered under the Securities Exchange Act of 19'34 Act,
- employee pension, profit-sharing and benefits plans and (ii) plans established by a state or state entity if such plan has assets in excess of $10,000,000 or its investment decisions are made by an ERISA fiduciary, any investment adviser, a depository institution or an insurance company,
- trusts with assets in excess of $10,000,000 whose trustee is a depository institution and whose participants are exclusively employee benefit or state entity plans as described above,
- 501(c)(3)s, corporations, LLCs and partnerships with assets in excess of $10,000,000, federal covered advisers trading for their own accounts, any other non-natural person with assets in excess of $10,000,000 not organized for the purpose of evading this rule, and any other person specified by rule.
OKLA. STAT. ANN. tit. 71 § 1-102(13)(2017)
OKLA. STAT. ANN. tit. 71 § 1-405(B)(1)(2017)
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