Oklahoma Administrative Code Title 660 - Department Of Securities
Overview
Title 660 of the Oklahoma Administrative Code governs the operations of the Oklahoma Department of Securities, which enforces the Oklahoma Uniform Securities Act of 2004. This regulatory framework oversees the registration, regulation, and enforcement of securities laws in Oklahoma.
Key Divisions and Provisions
Chapter 1 – Organization and Procedures of the Securities Commission
Subchapter 1: General Provisions: Establishes the foundational rules and definitions pertinent to the Securities Commission.
Subchapter 3: Procedures for the Oklahoma Take-Over Disclosure Act of 1985: Outlines the procedures related to take-over disclosures.
Chapter 2 – Organization and Procedures of the Department of Securities
Subchapter 1: General Provisions: Details the organizational structure and general provisions of the Department of Securities.
Subchapter 3: Procedures for the Oklahoma Subdivided Land Sales Code: Specifies procedures related to subdivided land sales.
Subchapter 6: Forms: Provides standardized forms used in the securities registration and compliance processes.
Chapter 11 – Oklahoma Uniform Securities Act of 2004
Subchapter 5: Broker-Dealers and Agents: Regulates the registration and conduct of broker-dealers and their agents.
Subchapter 7: Investment Advisers and Investment Adviser Representatives: Covers the registration and conduct of investment advisers and their representatives.
Subchapter 9: Registration of Securities: Details the requirements for the registration of securities in Oklahoma.
Subchapter 11: Exemptions from Securities Registration: Lists exemptions from securities registration requirements.
Subchapter 13: Sales Literature: Regulates the use of sales literature in the promotion of securities.
Subchapter 15: Miscellaneous Provisions: Contains various provisions not covered in other subchapters.
Enforcement and Ethical Standards
Dishonest and Unethical Practices: Section 660:11-5-42.1 addresses dishonest and unethical practices by issuer agents, establishing standards to ensure fair and ethical conduct in securities transactions.
Intrastate Offering Exemption: Section 660:11-11-54 provides an exemption from certain registration requirements for intrastate offerings, subject to specific conditions.
Case Law and Legal Precedents
While specific case law directly interpreting Title 660 is limited, the provisions within the code are designed to align with the Oklahoma Uniform Securities Act of 2004 and other relevant statutes. Disputes arising under these rules may be subject to judicial review, but detailed case precedents are not readily available.
Conclusion
Title 660 of the Oklahoma Administrative Code provides a comprehensive regulatory framework for the securities industry in Oklahoma. While specific case law interpreting these rules is limited, the code's provisions are designed to ensure accountability and professionalism within the securities sector.
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