Okla. Stat. tit. 71, § 71-1-605

hearings.

A. The Administrator may:

1. Issue forms and orders and, after notice and comment, may

adopt and amend rules necessary or appropriate to carry out this act

and may repeal rules, including rules and forms governing

registration statements, applications, notice filings, reports, and

other records;

2. By rule, define terms, whether used in this act, but those

definitions may not be inconsistent with this act; and

3. By rule, classify securities, persons, and transactions and

adopt different requirements for different classes.

B. Under this act, a rule or form may not be adopted or

amended, or an order issued or amended, unless the Administrator

finds that the rule, form, order, or amendment is necessary or

appropriate in the public interest or for the protection of

investors and is consistent with the purposes intended by this act.

In adopting, amending, and repealing rules and forms, Section 1-608

of this title applies in order to achieve uniformity among the

states and coordination with federal laws in the form and content of

registration statements, applications, reports, and other records,

including the adoption of uniform rules, forms, and procedures.

C. Subject to Section 15(i) of the Securities Exchange Act (15

U.S.C. Section 78o(i)) and Section 222 of the Investment Advisers

Act of 1940 (15 U.S.C. Section 80b-18a), the Administrator may

require that a financial statement filed under this act be prepared

in accordance with generally accepted accounting principles in the

United States and comply with other requirements specified by rule

adopted or order issued under this act. A rule adopted or order

issued under this act may establish:

1. Subject to Section 15(i) of the Securities Exchange Act (15

U.S.C. Section 78o(i)) and Section 222 of the Investment Advisors

Oklahoma Statutes - Title 71. Securities Page 78

Act of 1940 (15 U.S.C. Section 80b-18a), the form and content of

financial statements required under this act;

2. Whether unconsolidated financial statements must be filed;

and

3. Whether required financial statements must be audited by an

independent certified public accountant.

D. The Administrator may provide interpretative opinions or

issue determinations that the Administrator will not institute a

proceeding or an action under this act against a specified person

for engaging in a specified act, practice, or course of business if

the determination is consistent with this act. The charge for

interpretative opinions or determinations that the Administrator

will not institute an action or a proceeding under this act shall be

specified in Section 1-612 of this title.

E. A penalty under this act may not be imposed for, and

liability does not arise from, conduct that is engaged in or omitted

in good faith believing it conforms to a rule, form, or order of the

Administrator under this act.

F. A hearing in an administrative proceeding under this act

shall be conducted in public.