Investment Adviser Understanding Of Supervisory Responsibilities Regarding Wisconsin Uniform Securities Law And Administrative Code Form
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2§551.32(1)(b), Wis. Stats. and 5.01(2), Wis. Adm. Code
STATE OF WISCONSIN
DEPARTMENT OF FINANCIAL INSTITUTIONS
DIVISION OF SECURITIES
th
345 West Washington Ave., 4
Fl.
PO Box 1768
You can fill out this form online by clicking on the Firm Name
Madison, WI 53701-1768
line, filling in the required information, and using the TAB key
(608) 266-3693
TTY: (608) 266-8818
to advance to the next question. You must then print out the
Internet:
completed form for submission to the Division. Use the RESET
button at the bottom to clear all fields.
INVESTMENT ADVISER UNDERSTANDING OF SUPERVISORY
RESPONSIBILITIES REGARDING WISCONSIN UNIFORM SECURITIES LAW
AND ADMINISTRATIVE CODE
The applicant understands that pursuant to s. DFI-Sec 5.05(1), Wis. Adm. Code, it shall establish and keep current a
set of written supervisory procedures and a system for applying such procedures, which may be reasonably expected
to prevent and detect any violations of §551, Wis. Stats., and rules and orders under this chapter. The procedures
shall include the designation, by name or title, of a number of supervisory employees reasonable in relation to the
number of licensed representatives, offices, and transactions in this state. A complete set of the procedures and
system for applying them shall be kept and maintained at the principal or designated office and every Wisconsin
branch office. The applicant’s procedures must be structured to ensure compliance with all requirements of
Wisconsin Law that are applicable to the type of business transacted by the applicant. The following are some (but
not all) of the sections of Wisconsin Law that must be addressed in the applicant’s procedures.
1.
§551.44, Wis. Stats. It is unlawful for any person who receives any consideration from another person for
advising the other person as to the value of securities or their purchase or sale, whether through the issuance of
analyses or reports or otherwise, in this state, to employ any device, scheme or artifice to defraud the other
person; or engage in any act, practice or course of business which operates or would operate as a fraud or deceit
upon the other person.
2.
§551.31(3), Wis. Stats. It is unlawful for any person to transact business in this state as an investment adviser
unless so licensed or unless licensed as a broker-dealer under this chapter, except that licensing is not required
under any the following circumstances:
a.
The person effects transactions or provides investment advice in this state exclusively for the
account of persons specified in §551.23(8)(a) thru (f), Wis. Stats.
b.
The person has no place of business in Wisconsin and in the last twelve months has had fewer than
6 clients in Wisconsin.
c.
The person is a federal covered adviser and not subject to state licensing requirements.
Representatives must be licensed pursuant to §551.32(4), Wis. Stats. and s. DFI-Sec 5.01(3), Wis. Adm. Code.
3.
S. DFI-Sec 5.05(5), Wis. Adm. Code. No licensed investment adviser whose principal office is located in
Wisconsin may enter into, extend or renew any investment advisory contract with a customer in this state unless
the contract is in writing and a copy of the contract is given to the customer within 20 days after the execution of
the contract.
4.
S. DFI-Sec 5.05(8), Wis. Adm. Code. Each investment adviser shall provide to each of its customers a written
brochure or other document meeting the requirements of rule 204-3 under the Investment Adviser Act of 1940
relating to its business and activities.
5.
S. DFI-Sec 5.06(1), Wis. Adm. Code. Exercising any discretionary power in placing an order for the purchase
or sale of securities for the account of a customer without first obtaining written discretionary authority from the
customer unless and discretionary power relates solely to the price at which, or the time when, an order
involving a definite amount of a specified security shall be executed, or both.
DFI/DOS/IAUSR(WI)(R09/00)
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