Oklahoma 2024 Regular Session

Oklahoma Senate Bill SB1091

Introduced
2/6/23  
Refer
2/7/23  
Report Pass
2/14/23  
Engrossed
3/23/23  
Refer
3/29/23  
Report Pass
4/3/23  
Enrolled
5/1/23  

Caption

Oklahoma Uniform Securities Act; clarifying membership of Oklahoma Securities Commission; modifying qualifications for certain member of Commission. Effective date. Emergency.

Impact

If enacted, SB1091 would amend existing language in the Oklahoma Uniform Securities Act, resulting in a more structured approach regarding Commission appointments and qualifications. This is expected to improve the oversight of the securities market in Oklahoma by ensuring that appointed members possess relevant qualifications, including legal and financial experience. Such changes could lead to increased confidence among investors and stakeholders in Oklahoma's securities regulatory framework.

Summary

Senate Bill 1091, concerning the Oklahoma Uniform Securities Act of 2004, primarily aims to clarify the membership structure of the Oklahoma Securities Commission and to modify the qualifications required for certain members of the Commission. The bill seeks to enhance the effectiveness of the Commission by ensuring that the members possess adequate expertise in securities and investment management. Furthermore, the bill emphasizes the need for the Administrator of the Department to manage regulatory affairs efficiently, thereby reinforcing the state's commitment to safeguarding investor interests.

Sentiment

The sentiment around SB1091 appears to be generally positive, as it reflects a proactive approach to enhancing regulatory standards within the securities industry. Supporters, including members from the financial and legal sectors, have expressed that the updates are essential for improving governance. However, as with any regulatory change, there is a cautious undertone regarding the balance of interests represented within the Commission, particularly concerning the inclusion of diverse perspectives in decision-making.

Contention

One notable point of contention revolves around the qualifications required for Commission members. While there is broad agreement on the necessity for competent leadership, discussions have emerged regarding the specific criteria that should define eligible candidates. Concerns have been raised regarding possible constraints that might deter qualified individuals from diverse backgrounds, thus impacting the representation within the Commission. This highlights an ongoing debate about the equilibrium between stringent qualifications and inclusivity in regulatory bodies.

Companion Bills

OK SB1091

Carry Over Oklahoma Uniform Securities Act; clarifying membership of Oklahoma Securities Commission; modifying qualifications for certain member of Commission. Effective date. Emergency.

Previously Filed As

OK SB1091

Oklahoma Uniform Securities Act; clarifying membership of Oklahoma Securities Commission; modifying qualifications for certain member of Commission. Effective date. Emergency.

OK HB1016

Oklahoma Route 66 Commission; commission membership; Route 66 Commission Revolving Fund; modifying procedures; emergency.

OK SB985

Oklahoma Uniform Securities Act; authorizing certain actions against applicant for registration under certain circumstances. Effective date.

OK SB612

Oklahoma Lottery; modifying certain requirements of the Oklahoma Lottery Commission; modifying requirements to claim prize. Effective date.

OK HB1296

Securities; Oklahoma Securities Law Act of 2023; effective date.

OK HB1295

Securities; Oklahoma Securities Law Act of 2023; effective date.

OK HB2385

Soldiers and sailors; Oklahoma Veterans Commission; modifying appointment process for Commission members; effective date.

OK HB2488

Securities; Oklahoma Securities Law and Policy Act of 2023; effective date.

OK SB704

Oklahoma State University Medical Authority; modifying membership of the Authority; modifying powers and duties of the Authority and the Oklahoma State University Medical Trust. Effective date.

OK SB607

Oklahoma Tax Commission; authorization to pay certain membership fees and organizational dues of employees. Effective date.

Similar Bills

OK SB1091

Oklahoma Uniform Securities Act; clarifying membership of Oklahoma Securities Commission; modifying qualifications for certain member of Commission. Effective date. Emergency.

OK HB3252

State government; definitions; investment program; income tax deduction; medically indigent persons; eliminating reference to the Department of Commerce; emergency.

OK SB1361

Securities; modifying certain exemptions; requiring certain notice filings; updating statutory references. Effective date.

OK SB378

Income tax; modifying certain definition pertaining to the deduction for qualified equity investment; records; report; filing fee. Effective date.

OK SB378

Income tax; modifying certain definition pertaining to the deduction for qualified equity investment; records; report; filing fee. Effective date.