Oklahoma Administrative Code
Title 150 - Oklahoma Department of Commerce
Chapter 160 - Invest in Oklahoma Act
Section 150:160-1-4 - Application, renewal, and removal from program
Universal Citation: OK Admin Code 150:160-1-4
Current through Vol. 42, No. 1, September 16, 2024
(a) A Firm who wishes to participate in the Program will apply to the Department for participation using a form created by the Department.
(b) The application will mandate that the Firm provide all of the following information:
(1) Documentation concerning the rate of
return for the Firm's portfolio from at least the most recent full calendar
year to the time of application.
(2) Documentation establishing the Firm's
years of operation.
(3)
Documentation establishing the amount of assets under management by the Firm
from at least the most recent full calendar year to the time of
application.
(4) Documentation
concerning the differentiation and sustainability of investment
strategy.
(5) Documentation
establishing that a Firm who is Oklahoma-based meets the definition of an
Oklahoma-based Firm.
(6)
Documentation of the Firm's fee structure.
(7) Documentation establishing the experience
of Principals associated with the Firm.
(8) Other documentation requested by the
Department.
(c) Incomplete or improperly completed applications may be returned to the Firm without further consideration.
(d) Firms approved for participation in the Program may be approved for three (3) years.
(e) Renewal of program participation
(1) If a Firm which is
participating in the Program seeks to continue in the Program after their
approval period expires, the Firm will complete a renewal application and
submit the same to the Department along with all documentation requested by the
Department.
(2) The Department may
provide a simplified renewal application for participation if it is deemed by
the Department to be sufficient to determine the Fund meets program
criteria.
(3) A Firm who applies
for renewal must submit proof that it has invested at least ten percent (10%)
of the amount received from a Public Entity in an Oklahoma Based business along
with the renewal application. If a Firm cannot provide this information, it
will not be renewed.
(3) If a Firm
is approved for participation in the Program, the decision as to the length of
its participation or renewal will be made in the sole discretion of the
Department.
(4) If a Firm is not
renewed for participation in the program, the Department will notify each
Public Entity that the Firm has been removed from the program for failure to
renew participation.
(f) Suspension and Removal of a Firm from the Program.
(1) The Department may suspend a Firm from
participation in the Program at any time for any of the following reasons:
(A) If the Department reasonably believes the
Firm is not being appropriately managed and invested.
(B) If an event occurs that, had it happened
prior to the Firm's application, the Firm would have not been allowed to
participate in the program.
(2) If the Department suspends a Firm from
the Program, the Department will notify the Firm of the suspension within five
(5) business days and will also notify each Public Entity that the Firm has
been suspended from the Program.
(3) A Firm who is suspended from the Program
may request an administrative hearing pursuant to the provisions regarding
Individual Proceedings found in
150:1-11-1 et.
seq. of the Department's General Rules of Practice and Procedures. If a hearing
is held, each Public Entity will be notified of the result of the
administrative hearing within a reasonable time.
(4) If the Firm does not prevail at the
hearing, or if they do not timely request a hearing, they may be removed from
participation in the Program and each Public Entity will be notified of the
removal.
(5) Firms who are removed
from the program may be disqualified from future participation by the
Department either permanently or for a number of years if the Department
believes that it is in the best interest of the State to do so.
Disclaimer: These regulations may not be the most recent version. Oklahoma may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
This site is protected by reCAPTCHA and the Google
Privacy Policy and
Terms of Service apply.
