2023 Oklahoma Statutes
Title 71. Securities
§71-662. Rules, forms and orders - Making, amending or rescinding - Exemption from liability.

A. The Administrator may make, amend, and rescind any rules, forms and orders that are necessary to carry out this Code including rules and forms governing applications for registration, reports and defining any terms, whether or not used in this Code, insofar as the definitions are not inconsistent with this Code. For the purpose of rules and forms, the Administrator may classify subdivided lands, persons, and matters within his or her jurisdiction, and prescribe different requirements for different classes.

B. No rule, form, or order may be made, amended, or rescinded unless the Administrator finds that the action is necessary or appropriate in the public interest and for the protection of purchasers. In prescribing rules and forms, the Administrator may cooperate with regulatory agencies of other units of government with a view to achieving maximum uniformity in the form and content of registration statements, applications, and reports wherever practicable.

C. The Administrator may by rule or order prescribe the form and content of financial statements required under this Code, the circumstances under which consolidated financial statements shall be filed, and whether any required financial statements shall be certified by independent or certified public accountants. All financial statements shall be prepared in accordance with generally accepted accounting practices unless otherwise permitted by rule or order.

D. No provision of this Code imposing any liability applies to any act done or omitted in good faith and conformity with any rule, form, or order of the Administrator, notwithstanding that the rule, form, or order may later be amended or rescinded or be determined to be invalid for any reason.

E. All rules and forms of the Administrator shall be published.

Added by Laws 1977, c. 95, § 662. Amended by Laws 2022, c. 78, § 12, eff. Nov. 1, 2022.