reglab/statecodes huggingface dataset:
Wisconsin Administrative Code › Department of Financial Institutions › DFI-Sec 1-36 - Department of Financial Institutions-Securities › Chapter DFI-Sec 5 - Registration and notice filing procedures for investment advisers, federal covered investment advisers, and investment adviser representatives › Section DFI-Sec 5.04 - Reporting requirements

Current through June 24, 2024
(1) Every investment adviser shall file with
				the division immediate notice via facsimile or other electronic means whenever
				the net worth of the investment adviser is less than is required under s.
				DFI-Sec 5.02(1), specifying the amount of net worth on the date of the notice
				and the steps the investment adviser has taken or will take to come into
				compliance.
(2) Each investment
				adviser shall file with the division a copy of any complaint related to its
				business, transactions, or operations in this state, naming the investment
				adviser or any of its partners, officers or investment adviser representatives
				as defendants in any civil or criminal proceeding, or in any administrative or
				disciplinary proceeding by any public or private regulatory agency, within 20
				days of the date the complaint is served on the investment adviser; a copy of
				any answer or reply to the complaint filed by the investment adviser within 10
				days of the date the answer or reply is filed; and a copy of any decision,
				order or sanction made with respect to any such proceeding within 20 days of
				the date the decision, order or sanction is rendered.
(3)
(a)
				Except as provided in subs. (2) and (4), each investment adviser shall file
				with the division any notice of change of control or change of name, as well as
				any material change in the information included in the investment adviser's
				most recent application for registration, in an amendment to Form ADV filed
				with the division within 30 days of the date of the change.
(b) Each investment adviser shall file a
				complete, updated Form ADV with the investment adviser registration depository
				within 90 days of the end of its fiscal year.
(c) Each investment adviser representative
				and his or her employing investment adviser or federal covered investment
				adviser shall update information contained in an investment adviser
				representative's application by filing an amendment to Form U-4 with the
				central registration depository within 30 days of the date of the event that
				requires filing of the amendment.
Wisconsin Administrative Code › Department of Financial Institutions › DFI-Sec 1-36 - Department of Financial Institutions-Securities › Chapter DFI-Sec 5 - Registration and notice filing procedures for investment advisers, federal covered investment advisers, and investment adviser representatives › Section DFI-Sec 5.05 - Practice and advisory contract rules

Current through June 24, 2024
(1) Each investment
				adviser shall establish written supervisory procedures and a system for
				applying the procedures, which may reasonably be expected to prevent and detect
				any violations of ch. 551, Stats., and rules and orders thereunder. The
				procedures shall include the designation and registration of a number of
				supervisory employees reasonable in relation to the number of its registered
				investment adviser representatives, offices and activities in this
				state.
(2) An investment adviser
				shall not enter, extend, or renew any investment advisory contract if the
				contract:
(a) Provides for compensation to
				the investment adviser on the basis of a share of capital gains upon, or
				capital appreciation of, the funds or any portion of the funds of a client
				other than a person specified in s.
				551.403(2),
				Stats., or s. DFI-Sec 5.13.
(b)
				Fails to provide, in substance, that no assignment of the contract may be made
				without the consent of the client; or
(c) Fails to provide, in substance, that the
				investment adviser, if a partnership, shall notify the other party to the
				contract of any change in the membership of the partnership within a reasonable
				time after such change.
(d) Fails
				to disclose, in substance, the term of the advisory agreement, the fee to be
				charged by the adviser, the formula for computing the advisory fee, the formula
				for computing the amount of prepaid fee to be returned in the event of contract
				termination or non-performance, and whether the contract grants discretionary
				power to the adviser.
Wisconsin Administrative Code › Department of Financial Institutions › DFI-Sec 1-36 - Department of Financial Institutions-Securities › Chapter DFI-Sec 5 - Registration and notice filing procedures for investment advisers, federal covered investment advisers, and investment adviser representatives › Section DFI-Sec 5.07 - Registration and notice filing period

Current through June 24, 2024
(1) The
				registration of an investment adviser expires on December 31 of each year. Each
				registered investment adviser seeking renewal of its registration shall file
				for renewal with the investment adviser registration depository according to
				the depository's schedule.
(2)
(a) The registration of an investment adviser
				representative expires on the same day as the expiration of the registration of
				the investment adviser or the notice filing of the federal covered investment
				adviser which the person represents. The registration of an investment adviser
				representative is not effective during any period when the investment adviser
				which that person represents is not registered, or when the federal covered
				investment adviser that the person represents does not have an effective notice
				filing with the division, or during any period when the representative is not
				employed either by a specified investment adviser registered under ch. 551,
				Stats., or a federal covered investment adviser that has filed a notice with
				the division under s.
				551.405,
				Stats. Each registered investment adviser representative seeking renewal of his
				or her registration shall file for renewal with the central registration
				depository according to the depository's schedule.
(b) An agent of a broker-dealer that is also
				registered as an investment adviser or notice filed as a federal covered
				investment adviser shall also register as an investment adviser representative
				of that investment adviser or federal covered investment adviser pursuant to s.
				551.404,
				Stats.
Wisconsin Administrative Code › Department of Financial Institutions › DFI-Sec 1-36 - Department of Financial Institutions-Securities › Chapter DFI-Sec 5 - Registration and notice filing procedures for investment advisers, federal covered investment advisers, and investment adviser representatives › Section DFI-Sec 5.08 - Withdrawal of registration

Current through June 24, 2024
(1) An application
				for withdrawal from the status of a registered investment adviser under s.
				551.409,
				Stats., shall be filed with the investment adviser registration depository on
				Form ADV-W.
(2) An application for
				withdrawal from the status of a registered investment adviser representative
				shall be filed with the central registration depository on Form U-5 within 30
				days of the termination of the representative's employment pursuant to s.
				551.409,
				Stats.
Wisconsin Administrative Code › Department of Financial Institutions › DFI-Sec 1-36 - Department of Financial Institutions-Securities › Chapter DFI-Sec 5 - Registration and notice filing procedures for investment advisers, federal covered investment advisers, and investment adviser representatives › Section DFI-Sec 5.09 - Denial, suspension, revocation and censure

Current through June 24, 2024
(1) Any order
				denying, suspending or revoking the registration of an investment adviser or an
				investment adviser representative or censuring a registrant may include such
				other sanctions as the division finds appropriate.
(2) For purposes of s.
				551.412(1),
				Stats., the public interest or protection of investors does not require a
				showing of ongoing harm to summarily deny an application for a registration as
				an investment adviser or investment adviser representative.
Wisconsin Administrative Code › Department of Financial Institutions › DFI-Sec 1-36 - Department of Financial Institutions-Securities › Chapter DFI-Sec 5 - Registration and notice filing procedures for investment advisers, federal covered investment advisers, and investment adviser representatives › Section DFI-Sec 5.10 - Electronic filing

Current through June 24, 2024
(1) Each investment adviser shall file a copy
				of its current form ADV Parts 1 and II electronically with the Investment
				Adviser Registration Depository.
(2) Any documents or fees required to be
				filed with the division that are not permitted to be filed with, or cannot be
				accepted by, the investment adviser registration depository or the central
				registration depository shall be filed directly with the division.
(3) Each investment adviser that is
				registered in this state on January 1, 2011 shall file a copy of its current
				form ADV Part 2 electronically with the Investment Adviser Registration
				Depository by no later than July 1, 2011.
Wisconsin Administrative Code › Department of Financial Institutions › DFI-Sec 1-36 - Department of Financial Institutions-Securities › Chapter DFI-Sec 5 - Registration and notice filing procedures for investment advisers, federal covered investment advisers, and investment adviser representatives › Section DFI-Sec 5.11 - Federal covered investment adviser notice filing procedure

Current through June 24, 2024
(1) The notice
				filing for a federal covered investment adviser pursuant to s.
				551.405,
				Stats., shall be filed with the investment adviser registration depository on
				Form ADV. A notice filing for a federal covered investment adviser shall be
				deemed filed when the fee on deposit with the investment adviser registration
				depository has been allocated to the division. Any documents or fees required
				to be filed with the division that are not permitted to be filed with, or
				cannot be accepted by, the investment adviser registration depository shall be
				filed directly with the division.
(2) A federal covered investment adviser
				shall file all amendments to its Form ADV with the investment adviser
				registration depository according to the instructions to Form ADV.
(3) Each federal covered investment adviser
				seeking renewal of its notice filing shall file for renewal with the investment
				adviser registration depository according to the investment adviser
				registration depository's schedule and instructions. An application for renewal
				of a notice filing under this paragraph shall be deemed filed under s.
				551.405,
				Stats., when the fee on deposit with the investment adviser registration
				depository has been allocated to the division.
(4) Each federal covered investment adviser
				shall pay its branch office renewal fees prescribed in s.
				551.614(2),
				Stats., to the division by December 1 of each year.
Wisconsin Administrative Code › Department of Financial Institutions › DFI-Sec 1-36 - Department of Financial Institutions-Securities › Chapter DFI-Sec 5 - Registration and notice filing procedures for investment advisers, federal covered investment advisers, and investment adviser representatives › Section DFI-Sec 5.12 - Transition filing

Current through June 24, 2024
An agent who is registered in this state on December 31, 2008
				  for a registered broker-dealer that was also approved to act as an investment
				  adviser in this state and who also met the examination requirement in s.
				  DFI-Sec 5.01(3), shall make a transition filing electronically with the
				  investment adviser registration depository not later than June 1,
				  2009.
Wisconsin Administrative Code › Department of Financial Institutions › DFI-Sec 1-36 - Department of Financial Institutions-Securities › Chapter DFI-Sec 5 - Registration and notice filing procedures for investment advisers, federal covered investment advisers, and investment adviser representatives › Section DFI-Sec 5.13 - Registration exemptions

Current through June 24, 2024
(1) For purposes of ss.
				551.403(2)
				and
				551.404(2),
				Stats., an investment adviser or an investment adviser representative is exempt
				from the registration requirement if its only transactions effected in this
				state are with:
(a) This state or any of its
				agencies or political subdivisions or the state investment board.
(b) The federal government or any of its
				agencies or instrumentalities.
Wisconsin Administrative Code › Department of Financial Institutions › DFI-Sec 1-36 - Department of Financial Institutions-Securities › Chapter DFI-Sec 6 - Fraudulent practices › Section DFI-Sec 6.01 - Application of proceeds

Current through June 24, 2024
An issuer of securities or any person who is an officer,
				  director or controlling person of the issuer is deemed to employ a "device,
				  scheme or artifice to defraud" the purchasers of the securities within the
				  meaning of s.
				  551.501(1),
				  Stats., if the person applies or authorizes or causes to be applied any
				  material part of the proceeds from the sale of the securities in any material
				  way contrary to the purposes specified in the prospectus used in the offering
				  of the securities and not reasonably related to the business of the issuer as
				  described in the prospectus.
Wisconsin Administrative Code › Department of Financial Institutions › DFI-Sec 1-36 - Department of Financial Institutions-Securities › Chapter DFI-Sec 6 - Fraudulent practices › Section DFI-Sec 6.02 - Stock distributions

Current through June 24, 2024
A person authorizing or causing the distribution of
				  securities as a stock dividend by a corporation other than the issuer, without
				  registration of the securities under ch. 551, Stats., or the securities act of
				  1933, is deemed to employ a "device, scheme or artifice to defraud" the
				  purchasers of the securities in broker-dealer transactions, within the meaning
				  of s.
				  551.501(1),
				  Stats., if:
(1) The issuer of the
				securities was organized or the securities were acquired for the purpose of the
				distribution or in connection therewith, either by the distributing corporation
				or by any person in control of, controlled by, or under common control with,
				the distributing corporation; or
(2) The issuer has nominal assets or income
				at the time of the distribution; and if the person has reason to believe that
				the distribution will be followed by transactions in the securities effected
				through broker-dealers.
Wisconsin Administrative Code › Department of Financial Institutions › DFI-Sec 1-36 - Department of Financial Institutions-Securities › Chapter DFI-Sec 6 - Fraudulent practices › Section DFI-Sec 6.03 - Securities transfers

Current through June 24, 2024
An issuer of outstanding securities registered under s.
				  551.303
				  or
				  551.304,
				  Stats., or transactions in which are exempted from registration under s.
				  DFI-Sec 2.02(9) (o), or any controlling person of the issuer, is deemed to
				  employ a "device, scheme or artifice to defraud" the purchasers of the
				  securities within the meaning of s.
				  551.501(1),
				  Stats., if the issuer fails to provide adequate facilities for the transfer and
				  delivery of the securities to the purchasers thereof without unreasonable
				  delay, either directly or through its transfer agent for the
				  securities.
Wisconsin Administrative Code › Department of Financial Institutions › DFI-Sec 1-36 - Department of Financial Institutions-Securities › Chapter DFI-Sec 6 - Fraudulent practices › Section DFI-Sec 6.05 - Going private transactions

Current through June 24, 2024
(1) An issuer whose
				equity securities of any class have been registered under ch. 551, Stats., or
				predecessor laws or section 12 of the securities exchange act of 1934, and
				which, on the date of the initial offer, notice or solicitation relating to the
				proposed transaction, are held of record by 100 or more persons in this state,
				which number of holders constitutes 20% or more of the total number of holders
				of record of the securities, or any affiliated person of the issuer, is deemed
				to employ a "device, scheme or artifice to defraud" holders of the securities
				within the meaning of s.
				551.501(1),
				Stats., or to engage in an "act, practice or course of business which operates
				or would operate as a fraud or deceit" upon the holders, within the meaning of
				s.
				551.501(3),
				Stats., if the issuer or person enters into any transaction (including a series
				of transactions) in this state involving a purchase of any equity security of
				the issuer, other than an arm's length purchase by a person not affiliated with
				the issuer, which transaction has, or may have, either of the effects described
				in sub. (2) unless:
(a)
1. The terms of the transaction, including
				compensation for the equity securities to be purchased, are fair to all holders
				of the securities. The terms of the transaction shall be presumed to be fair
				if:
a. The compensation is no less than that
				independently recommended by 2 qualified, independent appraisers after
				reasonable investigation considering all relevant factors, and the issuer's
				board of directors states that the compensation is fair to security holders and
				was determined in good faith;
b.
				The latest public offering of the securities occurred more than 10 years prior
				to the transaction, or the compensation is greater than the public offering
				price;
c. More than 50% of the
				securities held by persons not affiliated with the issuer approve the
				transaction; and
d. Disclosure
				materials are distributed to all holders of the securities containing the
				disclosures meeting the requirements in rule 13e-3 under the securities
				exchange act of 1934 and schedule 13E under that rule.
Wisconsin Administrative Code › Department of Financial Institutions › DFI-Sec 1-36 - Department of Financial Institutions-Securities › Chapter DFI-Sec 7 - General provisions › Section DFI-Sec 7.01 - Fees

Current through June 24, 2024
The following fees payable in U.S. dollars, prescribed for
				  the examination of various matters arising under ch. 551, Stats., are
				  chargeable to the applicant or registrant, and are payable, unless otherwise
				  provided by the division, at the time an application or notice is filed:
(1) REGISTRATION OF SECURITIES MATTERS.
(a) Application for post-effective amendment
				of a registration statement $200.
(b) Application for extension of
				effectiveness of a registration statement $200.
(d) Prospectus filed by a registered finance
				company under s. DFI-Sec 3.07(2) $50.
Wisconsin Administrative Code › Department of Financial Institutions › DFI-Sec 1-36 - Department of Financial Institutions-Securities › Chapter DFI-Sec 7 - General provisions › Section DFI-Sec 7.02 - Advertising

Current through June 24, 2024
(1) The advertising materials listed in s.
				551.504(1),
				Stats., that are particularized in any of the following paragraphs and that are
				intended to be used in connection with the offer or sale of a security in this
				state are required to be included with the filings made under the respective
				statute or rule cited:
(a) Any sales
				literature, pamphlet, form letter or other advertising record, other than a
				prospectus, to be used in an offering for which a registration statement has
				been filed under s.
				551.303
				or
				551.304,
				Stats.
(b) Any sales literature,
				pamphlet, form letter or other advertising record, other than a prospectus or
				offering circular, to be used in an offering for which a notice filing has been
				made for purposes of use of the registration exemption in s.
				551.201(7),
				Stats., and rules thereunder.
(c) A
				circular, form letter, or other advertising record to be used in connection
				with a going-private transaction that is subject to the filing requirement in
				s. DFI-Sec 6.05(1) (b).
Wisconsin Administrative Code › Department of Financial Institutions › DFI-Sec 1-36 - Department of Financial Institutions-Securities › Chapter DFI-Sec 7 - General provisions › Section DFI-Sec 7.03 - Civil liabilities

Current through June 24, 2024
(1) For purposes of s.
				551.509(2) and
				(3), Stats., any person who places an order
				or effects a transaction involving the purchase or sale of a security for the
				account of a customer pursuant to discretionary authority is deemed to be
				offering or selling or purchasing a security.
(3) Every rescission offer made pursuant to
				s.
				551.511(1),
				Stats., shall include, in addition to the information specified in that
				subsection, the price at which the security was sold or purchased, the price of
				the security on the date the offer is made and such additional information as
				the division may require in connection with specific offers.
(4) The division may require any person named
				in any administrative order issued under s.
				551.604,
				Stats., to satisfy any civil liabilities arising under s.
				551.509, Stats.,
				in connection with the matters set forth in the order, prior to registering any
				securities offered for sale by the person or registering the person as a
				broker-dealer, agent, investment adviser or investment adviser
				representative.
Wisconsin Administrative Code › Department of Financial Institutions › DFI-Sec 1-36 - Department of Financial Institutions-Securities › Chapter DFI-Sec 7 - General provisions › Section DFI-Sec 7.04 - Annual reports

Current through June 24, 2024
Unless otherwise required by rule or order of the division,
				  every issuer whose securities have been registered under ch. 551, Stats., or
				  any predecessor law and are held of record by 100 or more persons in this
				  state, but none of whose securities are registered under section 12 of the
				  securities exchange act of 1934 or exempted from registration by section 12 (g)
				  (2) (B) or (G) thereof, shall distribute to the security holders not more than
				  120 days after the end of each fiscal year of the issuer a balance sheet of the
				  issuer as of the end of such fiscal year and statements of income and changes
				  in financial position and an analysis of surplus for the fiscal year meeting
				  the requirements of s. DFI-Sec 7.06, and shall concurrently file copies of
				  those financial statements with the division.
Wisconsin Administrative Code › Department of Financial Institutions › DFI-Sec 1-36 - Department of Financial Institutions-Securities › Chapter DFI-Sec 7 - General provisions › Section DFI-Sec 7.05 - Files and records

Current through June 24, 2024
(1) Except as otherwise provided by law or as
				specified in sub. (2), any record or document in the division's possession or
				control of which the division is the legal custodian, may be inspected or
				copied by any person during regular business hours.
(2) The following records may be excluded
				from disclosure under this section if the division finds the public interest in
				nondisclosure outweighs the benefits of open access:
(a) Personnel files of office employees,
				former employees and job applicants;
(b) Communications with legal
				counsel;
(c) Records obtained under
				a pledge or reasonable expectation of confidentiality;
(d) Memoranda and work papers of employees,
				the division or the deputy division prepared with the reasonable expectation of
				confidentiality.
(e) A record that
				is a part of a current investigation that may result in administrative, legal
				or criminal action, or that relates to any such pending action.
(f) A record whose disclosure would unduly
				damage a person's reputation so as to outweigh the public interest in
				disclosure.
Wisconsin Administrative Code › Department of Financial Institutions › DFI-Sec 1-36 - Department of Financial Institutions-Securities › Chapter DFI-Sec 7 - General provisions › Section DFI-Sec 7.06 - Financial statements

Current through June 24, 2024
(1) All financial statements required by ch.
				551, Stats., or these rules shall be:
(a)
				Prepared in accordance with generally accepted accounting principles;
				and
(b) Examined and reported upon
				by an independent certified public accountant, provided that this requirement
				may be waived by the division and does not apply to interim financial
				statements unless otherwise required by the division in particular cases. The
				accountant's report shall meet the requirements of rule 2-02 of regulation S-X
				of the U.S. securities and exchange commission and shall accompany the
				financial statements included in the prospectus.
Wisconsin Administrative Code › Department of Financial Institutions › DFI-Sec 1-36 - Department of Financial Institutions-Securities › Chapter DFI-Sec 8 - Administrative procedure › Section DFI-Sec 8.01 - Petitions for hearing

Current through June 24, 2024
Every request for a hearing shall be in the form of a
				  petition filed with the division. A petition for a hearing to review an order
				  shall:
(1) Plainly admit or deny each
				specific allegation, finding or conclusion in the order and incorporated
				papers. However, if the petitioner lacks sufficient knowledge or information to
				permit an admission or denial, the petition shall so state, and that statement
				shall have the effect of a denial; and
(2) State all affirmative defenses.
				Affirmative defenses not raised in the request for hearing may be deemed
				waived.
Wisconsin Administrative Code › Department of Financial Institutions › DFI-Sec 1-36 - Department of Financial Institutions-Securities › Chapter DFI-Sec 8 - Administrative procedure › Section DFI-Sec 8.02 - Notices of hearing and answers

Current through June 24, 2024
A notice of hearing shall state the names of the parties to
				  the hearing and the name of the hearing examiner. Unless otherwise provided in
				  the notice of hearing, the decision of the hearing examiner shall be the final
				  decision of the division. Every party so directed in the notice of hearing
				  shall file an answer plainly admitting or denying each specific allegation and
				  setting forth affirmative defenses. Unless a different time is provided in the
				  notice of hearing, or by the designated hearing examiner for cause shown, every
				  answer shall be filed not later than 10 business days before the date of the
				  hearing, or if a prehearing conference has been scheduled, not later than 5
				  business days before the date of the prehearing conference. Affirmative
				  defenses not raised by answer as herein provided may be deemed
				  waived.
Wisconsin Administrative Code › Department of Financial Institutions › DFI-Sec 1-36 - Department of Financial Institutions-Securities › Chapter DFI-Sec 8 - Administrative procedure › Section DFI-Sec 8.03 - Appearances and defaults

Current through June 24, 2024
Each party shall appear at the hearing and any prehearing
				  conference either in person or by a duly authorized representative. If any
				  party, without good cause, fails to file an answer as provided in s. DFI-Sec
				  8.02, or fails to appear at a hearing or prehearing conference of which the
				  party has notice, such failure may be deemed a default and the hearing examiner
				  may thereupon make a decision, enter an order, or otherwise dispose of the
				  case.
See Supreme Court Rule 40.05 (effective January 1, 2009)
					 which establishes requirements to be met to enable non-Wisconsin attorneys to
					 represent clients in contested case proceedings before Wisconsin state
					 agencies.
Wisconsin Administrative Code › Department of Financial Institutions › DFI-Sec 1-36 - Department of Financial Institutions-Securities › Chapter DFI-Sec 8 - Administrative procedure › Section DFI-Sec 8.04 - Form of pleadings

Current through June 24, 2024
All pleadings, briefs, decisions and orders filed or issued
				  in connection with any administrative proceeding under this chapter shall be
				  captioned "Before the division of Securities, State of Wisconsin" and shall be
				  entitled "In the Matter of (name of party or parties), Petitioner (or
				  Respondent)."
Wisconsin Administrative Code › Department of Financial Institutions › DFI-Sec 1-36 - Department of Financial Institutions-Securities › Chapter DFI-Sec 8 - Administrative procedure › Section DFI-Sec 8.05 - Record of hearings, transcripts, costs

Current through June 24, 2024
(1) A stenographic,
				electronic or other record of oral proceedings shall be made in any case
				required by law.
(2) A written
				transcript of proceedings shall be prepared upon the request in writing:
(a) Of any party for the purpose of seeking a
				rehearing or judicial review; or
(b) Of any person upon tender of the
				estimated costs of transcription, adjusted to reflect the actual costs when
				determined.
Wisconsin Administrative Code › Department of Financial Institutions › DFI-Sec 1-36 - Department of Financial Institutions-Securities › Chapter DFI-Sec 8 - Administrative procedure › Section DFI-Sec 8.06 - Service of orders

Current through June 24, 2024
A copy of every order issued without a hearing shall be sent
				  promptly by certified mail to each party named in the order at his or her last
				  known address or to the party's attorney of record, or shall be personally
				  served upon the party or the party's attorney of record.
Wisconsin Administrative Code › Department of Financial Institutions › DFI-Sec 1-36 - Department of Financial Institutions-Securities › Chapter DFI-Sec 8 - Administrative procedure › Section DFI-Sec 8.07 - Effectiveness of orders or other documents, notice

Current through June 24, 2024
Every order or other document is effective when signed.
				  Mailing of any order or other document under this chapter to the last known
				  address of any person, or personal service, constitutes notice thereof to the
				  person, provided that if the person is a corporation, service by certified mail
				  to the corporation's registered agent at the registered agent's last known
				  address also constitutes notice to the corporation.
Wisconsin Administrative Code › Department of Financial Institutions › DFI-Sec 1-36 - Department of Financial Institutions-Securities › Chapter DFI-Sec 8 - Administrative procedure › Section DFI-Sec 8.08 - Taking and preserving of evidence

Current through June 24, 2024
(1) In any class 3
				proceeding as defined in ch. 227, Stats., a party may be granted the right by
				the hearing officer to take and preserve evidence as provided in ch. 804,
				Stats.
(2) The division may use
				information acquired after issuance of a summary order of denial of an
				application for a registration as a broker-dealer, investment adviser, agent or
				investment adviser representative at a hearing in the matter to provide
				additional support for the allegations that provided the basis for the
				application denial.
Wisconsin Administrative Code › Department of Financial Institutions › DFI-Sec 1-36 - Department of Financial Institutions-Securities › Chapter DFI-Sec 8 - Administrative procedure › Section DFI-Sec 8.09 - Procedure for determination of parties

Current through June 24, 2024
Under the requirement of s.
				  227.10,
				  Stats., the following procedure shall be followed by each hearing examiner
				  appointed under the authority of s.
				  227.46(1),
				  Stats., to hear a matter under ch. 551, 552 or 553, Stats., on behalf of the
				  office of the division of securities:
(1) The hearing examiner, prior to receiving
				testimony by any individual, shall state on the record whether the individual
				is testifying as a party to the proceeding as defined in s.
				227.01(8),
				Stats., as a witness, or is testifying for informational purposes only or for
				the limited purpose of making a statement for the record.
(2) Only persons admitted to the proceeding
				as parties by the hearing examiner under the procedure in sub. (1) are entitled
				to receive service of a decision under s.
				227.48,
				Stats., and to be considered a party for purposes of judicial review under s.
				227.53,
				Stats.
Wisconsin Administrative Code › Department of Financial Institutions › DFI-Sec 1-36 - Department of Financial Institutions-Securities › Chapter DFI-Sec 8 - Administrative procedure › Section DFI-Sec 8.10 - Burden of proof

Current through June 24, 2024
In each class 1, 2 or 3 proceeding as defined in ch. 227,
				  Stats., involving a contested case under ch. 551, 552 or 553, Stats., the
				  burden of proof required on any issue in the proceeding shall be a
				  preponderance of the evidence on the basis of the record in the
				  proceeding.
Wisconsin Administrative Code › Department of Financial Institutions › DFI-Sec 1-36 - Department of Financial Institutions-Securities › Chapter DFI-Sec 9 - Forms › Section DFI-Sec 9.01 - Forms

Current through June 24, 2024
(1) The following forms are prescribed for
				use under ch. 551, Stats., and may be obtained from the division of securities,
				Madison, Wisconsin:
(a) Securities
				registration application and reporting forms:
1. U-1. Uniform application to register
				securities.
2. U-2. Uniform consent
				to service of process.
3. U-7.
				Small corporate offering registration form.
Wisconsin Administrative Code › Department of Financial Institutions › DFI-Sec 1-36 - Department of Financial Institutions-Securities › Chapter DFI-Sec 10 - Use of senior-specific certifications and professional designations › Section DFI-Sec 10.02 - Use of senior-specific certifications and professional designations

Current through June 24, 2024
(1) The use of
				a senior - specific certification or designation by any person in connection
				with the offer, sale, or purchase of securities, or the provision of advice as
				to the value of or the advisability of investing in, purchasing, or selling
				securities, either directly or indirectly or through publications or writings,
				or by issuing or promulgating analyses or reports relating to securities, that
				indicates or implies that the user has special certification or training in
				advising or servicing senior citizens or retirees, in such a way as to mislead
				any person shall be a dishonest and unethical practice in the securities,
				commodities, investment, franchise, banking, finance, or insurance business
				within the meaning of s.
				551.412(4)
				(m), Stats.
(2) The prohibited use of certifications or
				professional designations described in sub. (1) include any of the following:
(a) Use of a certification or professional
				designation by a person who has not actually earned or is otherwise ineligible
				to use the certification or designation.
(b) Use of a nonexistent or self-conferred
				certification or professional designation.
(c) Use of a certification or professional
				designation that indicates or implies a level of occupational qualifications
				obtained through education, training, or experience that the person using the
				certification or professional designation does not have.
(d) Use of a certification or professional
				designation that was obtained from a designating or certifying organization
				where any of the following criteria are present:
1. The organization is primarily engaged in
				the business of instruction in sales or marketing or both.
2. The organization does not have reasonable
				standards or procedures for assuring the competency of its designees or
				certificants.
3. The organization
				does not have reasonable standards or procedures for monitoring and
				disciplining its designees or certificants for improper or unethical
				conduct.
4. The organization does
				not have reasonable continuing education requirements for its designees or
				certificants in order to maintain the designation or certificate.
Wisconsin Administrative Code › Department of Financial Institutions › DFI-Sec 1-36 - Department of Financial Institutions-Securities › Chapter DFI-Sec 11 - Investment Adviser Representative Continuing Education › Section DFI-Sec 11.01 - Definitions

Current through June 24, 2024
(1) "Approved
				content" means any materials that are approved by NASAA for use by an
				authorized provider as part of an educational program for an IAR.
(2) "Authorized provider" means a person
				approved by NASAA to provide approved content.
(3) "Broker-dealer" has the meaning given in
				s.
				551.102(4),
				Stats.
(4) "Credit" means a unit of
				instruction in approved content that is at least 50 minutes long.
(5) "FINRA" means the Financial Industry
				Regulatory Authority.
(6) "Home
				state" means the state in which the IAR has its primary place of
				business.
(7) "IAR ethics and
				professional responsibility content" means approved content that addresses an
				IAR's ethical and regulatory obligations.
(8) "IAR products and practice content" means
				approved content that addresses an IAR's continuing skills and knowledge
				regarding financial products, investment features, and practices in the
				investment advisory industry.
(9)
				"Investment adviser representative" or "IAR" has the meaning given in s.
				551.102(16),
				Stats.
(10) "NASAA" means the North
				American Securities Administrators Association, its designee, or a designee of
				its Board of Directors.
(11)
				"Reporting period" means one 12-month period, as determined by NASAA, during
				which an IAR is required to meet the credit requirements specified in this
				chapter.
Wisconsin Administrative Code › Department of Financial Institutions › DFI-Sec 1-36 - Department of Financial Institutions-Securities › Chapter DFI-Sec 11 - Investment Adviser Representative Continuing Education › Section DFI-Sec 11.02 - IAR continuing education, reporting requirements

Current through June 24, 2024
(1) An IAR who
				complies with the registration requirements under ss.
				551.404
				and
				551.406,
				Stats., shall complete all of the following during the IAR's reporting period:
(a)
IAR ethics and professional
				responsibility requirement.
At least six credits of IAR ethics and
				professional responsibility content, at least 3 of which shall be ethics
				content.
(b)
IAR products
				and practice requirement.
At least 6 credits of IAR products and
				practice content.
Wisconsin Administrative Code › Department of Financial Institutions › DFI-Sec 1-36 - Department of Financial Institutions-Securities › Chapter DFI-Sec 11 - Investment Adviser Representative Continuing Education › Section DFI-Sec 11.03 - Agent of FINRA-registered broker-dealer compliance

Current through June 24, 2024
An IAR who is also registered as an agent of a FINRA member
				  broker-dealer and who complies with FINRA's continuing education requirements
				  is in compliance with the products and practice requirement of s. DFI-Sec
				  11.02(b) for each applicable reporting period if the FINRA continuing education
				  content meets all of the following criteria:
(1) Focuses on compliance, regulatory,
				ethical, and sales practice standards.
(2) Is derived from state and federal
				investment advisory statutes, rule and regulations, securities industry rules
				and regulations, and accepted standards and practices in the financial services
				industry.
(3) Requires that its
				participants demonstrate proficiency in the subject matter of the educational
				materials.
Wisconsin Administrative Code › Department of Financial Institutions › DFI-Sec 1-36 - Department of Financial Institutions-Securities › Chapter DFI-Sec 11 - Investment Adviser Representative Continuing Education › Section DFI-Sec 11.04 - Credentialing organization continuing education compliance

Current through June 24, 2024
An IAR who holds a professional designation that qualifies
				  the IAR for an examination waiver under s. DFI-Sec 5.01(4) (d) is in compliance
				  with s. DFI-Sec 11.02 if all of the following are true:
(1) The IAR completes the credits of
				continuing education needed as a condition of maintaining the professional
				designation during the relevant reporting period.
(2) The credits of continuing education
				completed by the IAR during the relevant reporting period are mandatory to
				maintain the professional designation.
(3) The educational content provided by the
				credentialing organization during the relevant reporting period is approved
				content.
Wisconsin Administrative Code › Department of Financial Institutions › DFI-Sec 1-36 - Department of Financial Institutions-Securities › Chapter DFI-Sec 11 - Investment Adviser Representative Continuing Education › Section DFI-Sec 11.05 - IAR continuing education reporting

Current through June 24, 2024
An IAR is responsible for ensuring that an authorized
				  provider reports the completion of the IAR's continuing education requirements
				  described in s. DFI-Sec 11.02 to NASAA's course reporting database hosted by
				  FINRA. The division of securities may access an IAR's continuing education
				  status through FINRA.
Wisconsin Administrative Code › Department of Financial Institutions › DFI-Sec 1-36 - Department of Financial Institutions-Securities › Chapter DFI-Sec 11 - Investment Adviser Representative Continuing Education › Section DFI-Sec 11.06 - No carry-forward

Current through June 24, 2024
An IAR who completes continuing education credits during a
				  reporting period in excess of the amount required under s. DFI-Sec 11.02 may
				  not carry forward excess credits to a subsequent reporting
				  period.
Wisconsin Administrative Code › Department of Financial Institutions › DFI-Sec 1-36 - Department of Financial Institutions-Securities › Chapter DFI-Sec 11 - Investment Adviser Representative Continuing Education › Section DFI-Sec 11.07 - Failure to complete continuing education requirements; registration status

Current through June 24, 2024
An IAR who fails to comply with this chapter by the end of a
				  reporting period may renew in this state at the close of the calendar year,
				  although the IAR will have the registration status of "CE Inactive," and shall
				  maintain that status until the IAR completes and reports all required IAR
				  continuing education credits for all reporting periods as required by this
				  rule. An IAR who remains in CE Inactive registration status at the close of the
				  next calendar year is not eligible for IAR registration or renewal of an IAR
				  registration.
Wisconsin Administrative Code › Department of Financial Institutions › DFI-Sec 1-36 - Department of Financial Institutions-Securities › Chapter DFI-Sec 11 - Investment Adviser Representative Continuing Education › Section DFI-Sec 11.08 - Unregistered periods

Current through June 24, 2024
An IAR who was previously registered under ss.
				  551.404
				  and
				  551.406,
				  Stats., and became unregistered must complete all required IAR continuing
				  education credits for all reporting periods that occurred between the time that
				  the IAR became unregistered and the time that the individual registered again
				  under ss.
				  551.404
				  and
				  551.406,
				  Stats., unless the IAR takes and passes the examination described in s. DFI-Sec
				  5.01(3) or receives an examination waiver as described in s. DFI-Sec 5.01(4) in
				  connection with the subsequent application for registration.
Wisconsin Administrative Code › Department of Financial Institutions › DFI-Sec 1-36 - Department of Financial Institutions-Securities › Chapter DFI-Sec 11 - Investment Adviser Representative Continuing Education › Section DFI-Sec 11.10 - Home state

Current through June 24, 2024
An IAR registered or required to be registered in this state
				  who is registered as an IAR in the IAR's home state is in compliance with the
				  continuing education requirements in this chapter if all of the following are
				  true:
(1) The continuing education
				requirements in the IAR's home state are at least as stringent as the
				requirements in this chapter.
(2)
				The IAR is in compliance with the IAR's home state's IAR continuing education
				requirements.
Wisconsin Administrative Code › Department of Financial Institutions › DFI-Sec 1-36 - Department of Financial Institutions-Securities › Chapter DFI-Sec 22 - Filing of ownership information › Section DFI-Sec 22.01 - Filing of long-form statement of ownership information

Current through June 24, 2024
(1) Any person who,
				after acquiring directly or indirectly the beneficial ownership of any equity
				security of a target company, is directly or indirectly the beneficial owner of
				more than 5% of any class of the outstanding equity securities of the issuer
				shall, within 10 days after such acquisition, file with the division a
				long-form statement of ownership information on form TO-1 prescribed by the
				division, and send a signed copy of such form to the target company by
				certified mail at its principal office not later than the date of
				filing.
(2) For the purpose of s.
				552.03(2),
				Stats., the "statement prescribed therein" shall be schedule 13D as promulgated
				under section 13 (d) of the securities exchange act of 1934.
Wisconsin Administrative Code › Department of Financial Institutions › DFI-Sec 1-36 - Department of Financial Institutions-Securities › Chapter DFI-Sec 22 - Filing of ownership information › Section DFI-Sec 22.02 - Filing of short-form statement of ownership information

Current through June 24, 2024
Any person subject to the long-form filing requirement who
				  certifies, pursuant to s.
				  552.03(3),
				  Stats., that the equity securities of the target company were acquired by the
				  person in the ordinary course of business and not for the purpose or having the
				  effect of changing or influencing the control of the issuer nor in connection
				  with or as a participant in any transaction having such purpose or effect, and
				  that the person does not intend to make a take-over offer involving the target
				  company, may elect to file with the division a short-form statement of
				  ownership information on form TO-2 prescribed by the division and send a signed
				  copy of such form to the target company by certified mail at its principal
				  office not later than the date of filing.
Wisconsin Administrative Code › Department of Financial Institutions › DFI-Sec 1-36 - Department of Financial Institutions-Securities › Chapter DFI-Sec 22 - Filing of ownership information › Section DFI-Sec 22.03 - Amendment of ownership information filings

Current through June 24, 2024
If any material change occurs in the facts set forth in any
				  ownership information statement filed pursuant to s. DFI-Sec 22.01 or 22.02,
				  the person who filed such statement shall, within 10 days thereafter, file with
				  the division an amendment describing the change and send a signed copy of such
				  amendment to the target company by certified mail not later than the date of
				  the filing. Forms TO-1 and TO-2 shall be used for the filing or sending of
				  amendments to ownership information statements.