Okla. Admin. Code § 150:160-1-4

Current through Vol. 42, No. 7, December 16, 2024

Section 150:160-1-4 - Application, renewal, and removal from program

(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.

Okla. Admin. Code § 150:160-1-4

Adopted by Oklahoma Register, Volume 39, Issue 09, January 18, 2022, eff. 12/15/2021

Adopted by Oklahoma Register, Volume 39, Issue 24, September 1, 2022, eff. 9/11/2022