A. A supervisory agency shall make available to a requesting agency any data obtained or generated by, and in the possession of, the supervisory agency and that the requesting agency deems necessary for review in connection with the supervision of any person over which the requesting agency has direct supervisory authority. However, the requested data must relate to the person, or an affiliate of the person, over which the requesting agency has direct supervisory authority. An agency has direct supervisory authority over a person if such authority is specifically provided by statute, or the agency granted the person's charter, license, or registration, or otherwise granted permission for the person to conduct its business in this state.
B. When a requesting agency and a federal regulatory agency or self-regulatory association have concurrent jurisdiction over a person, a requesting agency may share with such agency or association data received from a supervisory agency. However, the federal regulatory agency or self-regulatory association must return such shared data to the requesting agency unless the federal regulatory agency or self-regulatory association has obtained approval from the supervisory agency to retain the data. The term "federal regulatory agency" shall not include law enforcement agencies.
C. 1. Notwithstanding any other statute, rule, or policy governing or relating to records of the requesting agency, all data received by a requesting agency from a supervisory agency shall be and remain confidential and not open to public inspection, subpoena, or any other form of disclosure while in the possession of the requesting agency. Any request for inspection, subpoena, or other form of disclosure shall be directed at the supervisory agency from which the data originated and disclosure thereof shall be subject to the laws, rules, and policies governing or relating to records of the supervisory agency.
2. The provisions of data by a supervisory agency to a requesting agency under this section shall not constitute a waiver of, or otherwise affect, any privilege or claim of confidentiality that a supervisory agency may claim with respect to such data under any federal laws or laws of this state.
D. A supervisory agency is not required to share original documents with a requesting agency. A requesting agency shall reimburse the supervisory agency for costs associated with providing copies of data to the requesting agency.
E. Nothing in the Oklahoma Financial Privacy Act shall prohibit the sharing of data as described in this section. Additionally, neither a supervisory agency nor requesting agency shall be required to follow any procedure described in the Oklahoma Financial Privacy Act when sharing data as described in this section.
F. As used in this section:
1. "Affiliate" shall mean any person that controls, is controlled by, or is under common control with another person. A person shall be deemed to have "control" over any person if the person:
2. "Data" shall mean copies of any documents, reports, examination reports, letters, correspondence, orders, stipulations, memorandums of understanding, agreements, or any other records not open for public inspection generated by a supervisory agency or obtained by a supervisory agency from the person it supervises, whether in paper or electronic format. However, "data" shall not include records that a requesting agency receives from a supervisory agency pursuant to this section;
3. "Requesting agency" means, as applicable, the Oklahoma State Banking Department, the Oklahoma Insurance Department, or the Oklahoma Department of Securities, that requests from a supervisory agency data relating to a person over which the requesting agency does not have direct supervisory authority;
4. "Supervision" shall mean any examination, assessment, order, stipulation, agreement, report, memorandum of understanding, or other regulatory matter or process that a requesting agency is authorized to perform in relation to a person; and
5. "Supervisory agency" shall mean, as applicable, the Oklahoma State Banking Department, the Oklahoma Insurance Department, or the Oklahoma Department of Securities, that maintains data relating to a person over which the agency has direct supervisory authority.
Added by Laws 2003, c. 347, § 51, eff. July 1, 2004.
Structure Oklahoma Statutes
§71-1-103. References to federal statutes.
§71-1-104. References to federal agencies.
§71-1-105. Electronic records and signatures.
§71-1-202. Exempt transactions.
§71-1-203. Additional exemptions and waivers.
§71-1-204. Denial, suspension of application, revocation, condition, or limitation of exemptions.
§71-1-301. Securities registration requirement.
§71-1-302. Federal covered security – Notice filing.
§71-1-303. Securities registration by coordination.
§71-1-304. Securities registration by qualification.
§71-1-305. Registration filings.
§71-1-306. Denial, suspension, or revocation of effectiveness of registration statement.
§71-1-307. Waiver or modification.
§71-1-308. Investment certificate issuers - Registration requirements.
§71-1-401. Broker-dealer registration requirement and exemptions.
§71-1-402. Agent registration requirement and exemptions.
§71-1-403. Investment adviser registration requirement and exemptions.
§71-1-404. Investment adviser representative registration requirement and exemptions.
§71-1-405. Federal covered investment adviser registration requirement and exemptions.
§71-1-406. Registration application - Time of becoming effective.
§71-1-407. Succession and change in registration of broker-dealer or investment adviser.
§71-1-410. Postregistration requirements.
§71-1-502. Prohibited conduct in providing investment advice.
§71-1-503. Evidentiary burden.
§71-1-504. Filing of sales and advertising literature.
§71-1-505. Misleading filings.
§71-1-506. Misrepresentations concerning registration or exemption.
§71-1-507. Qualified immunity.
§71-1-508. Violations - Criminal penalties - Administrative fines.
§71-1-602. Investigations and subpoenas.
§71-1-604. Administrative enforcement.
§71-1-605. Rules, forms, orders, interpretative opinions, and hearings.
§71-1-606. Administrative files and opinions.
§71-1-607. Public records - Confidentiality.
§71-1-608. Uniformity and cooperation with other agencies.
§71-1-609. Commission review of order - Judicial review.
§71-1-611. Service of process.
§71-1-613. Availability of data for supervision of personnel - Sharing of data - Confidentiality.
§71-1-701. Application of act to existing proceedings and rights.
§71-416. Statutory procedure must be followed.
§71-417. Discrimination prohibited.
§71-418. Copies of information to be filed with certain regulatory bodies.
§71-419. Liabilities, remedies and penalties.
§71-420. Rules and regulations.
§71-454. Solicitation materials - Filing - Prohibited use.
§71-455. Fraudulent, deceptive and manipulative acts prohibited.
§71-456. Actions of offeror - Limitations.
§71-457. Powers of Administrator - Rules and forms - Exemptions from act.
§71-459. Violations - Cease and desist orders - Injunctions.
§71-460. Violations - Penalty - Evidence.
§71-461. Liability of offeror - Rights and remedies of seller.
§71-462. Application of provisions of Oklahoma Securities Act.
§71-621. Registration - Violations.
§71-623. Additional exemptions.
§71-625. Application for registration.
§71-626. Public offering statements - Contents - Violations - Uses.
§71-627. Orders - Application for registration - Filing of documents and information.
§71-628. Denial of effectiveness to, suspension or revocation of effectiveness of registration.
§71-631. License required - Exemption.
§71-633. Records - Copies - Inspection - Rules.
§71-642. Liens and encumbrances.
§71-643. Contracts - Voiding - Rescinding - Revoking.
§71-644. Notice to purchaser - Signatures - Rescission of contract.
§71-651. Administration of Code - Personal use of information - Privileges and immunities.
§71-654. Fraud - Filing of documents and information.
§71-655. Presumptions - Fraud - Violations.
§71-656. Power and duties of Administrator.
§71-657. Injunctions - Intervention in suits involving subdivided land.
§71-658. Violation of Code - Fine.
§71-659. Liability to purchaser - Persons liable - Limitation of actions.
§71-660. Summary prohibition of offers or dispositions.
§71-662. Rules, forms and orders - Making, amending or rescinding - Exemption from liability.
§71-663. Filing of documents - Register - Inspection - Copies - Interpretative opinions.
§71-664. Consent to service of process - Service.
§71-665. Dispositions and offers - Application of law - Acceptance.
§71-666. Liens and encumbrances.
§71-804. Denial or revocation of exemption - Orders and violation thereof.
§71-805. Burden of proving exemption.
§71-806. Certain sales unlawful.
§71-807. Registration procedure.
§71-809. Contracts or agreements required - Contents.
§71-810. Suspension or revocation of registration - Grounds - Procedure.
§71-811. Minimum net worth requirement.
§71-812. Administration of act - Use of disclosure of information.
§71-813. Investigations and proceedings - Powers and duties of Administrator.
§71-814. Violation of act - Orders - Penalties.
§71-816. Rules, forms and orders - Making, amending and rescinding.
§71-819. Fraud or deceit unlawful.
§71-820. False or misleading statements unlawful.
§71-821. Conclusiveness of filed document.
§71-822. Misleading advertising unlawful.
§71-823. Violations - Penalty - Criminal prosecutions.
§71-824. Violations - Civil actions.
§71-825. Aiding and abetting violation.
§71-828. Oklahoma Securities Act - Application.
§71-829. Fees and charges - Deposits.
§71-903. Rules governing registration in beneficiary form.
§71-905. Origination of registration in beneficiary form.
§71-906. Form of registration.
§71-907. Effect of registration.
§71-908. Ownership on death - Rights of creditors.
§71-909. Protections for registering entity.
§71-910. Nonprobate transfer - Liability of transferees.