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Initial Registration Requirements
 
NOTICE:
Firms that are members of the Financial Industry Regulatory Authority (FINRA) are asked not to submit Audited Financial Statements to the Department as these are no longer required as a post-registration reporting requirement.  Audited Financial Statements are only required for Non-FINRA member firms.  

I. Broker-dealer Firms

The following documentation must be filed for initial registration with the Oklahoma Department of Securities (Department) as a broker-dealer:

A. FINRA members. In addition to meeting the requirements for FINRA  membership, to register with the Department a broker-dealer must meet the following requirements:

  1. File directly with the Web Central Registration Depository (WebCRD) System:
    1. a completed Form BD, designating Oklahoma as a jurisdiction on page 2; and
    2. a $300 filing fee for Oklahoma registration.
  2. Cause each of its agents providing services to an Oklahoma resident to become properly registered with the Department as described below in II. Broker-dealer agents, unless otherwise excepted or exempted.
  3. Within 60 days of becoming registered in Oklahoma, complete the NonBranch Sales Office Form for each location1 within the State of Oklahoma, in accordance with 660:11-5-11(a)(1)(B) of the Rules of the Oklahoma Securities Commission and the Administrator of the Department of Securities (Rules).  NonBranch Sales Offices are held to the same books and records requirements as that of designated Branch Offices and may be subject to an unannounced on-site examination.  At this time there is no fee for maintaining NonBranch Sales Offices in Oklahoma.

B. Non-FINRA members. The required documentation to be filed with the Department for initial registration as a broker-dealer is specified below:

  1. A completed Form BD. Page one (1) must bear original notarized signatures and current dates.
  2. A $300 filing fee made payable to the "Oklahoma Securities Department";
  3. Audited financial statements as of the most recent fiscal year end and updated within ninety (90) days of the date of application and in accordance with 660:11-5-45 of the Rules of the Oklahoma Securities Commission and the Administrator of the Department of Securities (Rules). Audited financial statements should include a balance sheet; statement of income; statement of retained earnings; statement of cash flow; and net capital computation. Recently formed entities shall submit an audited balance sheet as of a date within ninety (90) days of the date of application and an audited income statement for the corresponding period beginning from the date of inception through the date as of which the balance sheet is prepared. Recently formed entities may request a waiver of the audited requirements;
  4. Within 60 days of becoming registered in Oklahoma, complete the NonBranch Sales Office Form for each location1 within the State of Oklahoma, in accordance with 660:11-5-11(a)(1)(B) of the Rules.  NonBranch Sales Offices are held to the same books and records requirements as that of designated Branch Offices and may be subject to an unannounced on-site examination.  At this time there is no fee for maintaining NonBranch Sales Offices in Oklahoma;
  5. A copy of the written supervisory procedures of the broker-dealer; and
  6. In accordance with 660:11-5-11(a)(2)(E) of the Rules a broker-dealer applying for initial registration in the state of Oklahoma must file with the Department the designation, qualification and registration of a principal. Such registration may be completed by filing the following items:
    1. A completed Form U-4 with a OK box selected;
    2. $50.00 filing fee, made payable to the Oklahoma Securities Department;
    3. Proof of successful completion of the applicable examinations specified in 660:11-5-16 of the Rules; and
    4. An executed Applicant/Management Certification form (as revised 7/04)
  7. Cause each of its agents providing services to an Oklahoma resident to become properly registered with the Department unless otherwise excepted or exempted.

II. Broker-dealer and Issuer Agents Professionals

The following documentation must be filed for initial registration with the Department as an agent:

  1. Required documents. Agents of broker-dealers or issuers applying for initial registration in the state of Oklahoma pursuant to Section 1-402 the Oklahoma Uniform Securities Act of 2004 shall file the following:
    1. A completed Form U-4;
    2. The $50.00 filing fee specified in Section 1-612 of the Oklahoma Uniform Securities Act of 2004
    3. Proof of successful completion of the applicable examinations specified in 660:11-5-16; and
    4. If for an issuer agent, an executed Applicant/Management Certification form (as revised 7/04)
    5. Any additional documentation, supplemental forms and information as the Administrator may deem necessary.
  2. Where to file. An agent applying for registration with a FINRA member shall file the required documentation with the WebCRD. Agents applying for registration with a non-FINRA broker-dealer or an issuer shall file the required documentation with the Department and make fees payable to "Oklahoma Securities Department."

Post-registration Reporting Requirements
 

Pursuant to Section 1-406.B of the Securities Act, all registrants are required to promptly file a correcting amendment with the Department if the information contained in any document filed with the Administrator or the WebCRD is or becomes inaccurate or incomplete in any material respect unless notification of the correction has been given pursuant to the provisions of Section 1-401.C of the Securities Act.

Additional requirements for Non-FINRA member firms:

    Pursuant to Section 1-410.B of the Oklahoma Securities Act and 660:11-5-31 of the Rules of the Oklahoma Securities Commission and the Administrator of the Department of Securities (Rules), all broker-dealers registered under Section 1-406 of the Securities Act that are not FINRA members must make post-registration filings with the Department. Registered non-FINRA member broker-dealers shall make one (1) post-registration filing each fiscal year. Said filing shall contain audited financial statements as of the broker-dealer's fiscal year end and the report filing fee specified in Section 1-612 of the Securities Act, made payable to "Oklahoma Securities Department." Post-registration filings become due on the last day of the fiscal period to which they apply; however, a grace period is provided before a filing becomes delinquent. The filing must be made by the last day of the fourth month following the close of the registrant's fiscal year.

(1) "Nonbranch sales office" means any business location of the broker-dealer identified to the public or customers by any means as a location at which a securities business is conducted on behalf of the broker-dealer which location is identified solely in a telephone directory line listing or on a business card or letterhead, which listing, card, or letterhead also sets forth the address and telephone number of the office of the broker-dealer responsible for supervising the activities of the identified location.