Thursday, September 09, 2010

Wisconsin Adopts Rule Changes for Annual Rules Revision

Rule amendments pertaining primarily to investment adviser solicitation activities were adopted by the Wisconsin Securities Division, effective October 1, 2010, upon the Division completing its annual revision of rules. The text of the solicitation provision, housed within the investment adviser prohibited conduct rule, is based on language developed by the Regulatory Policy and Review Group of the North American Securities Administrators Association (NASAA).

Other rules changes repeal an outdated requirement for delivering a current brochure and supplement to advisory clients; mandate electronic filing of Form ADV, Part II in 2011 for Advisers registered in Wisconsin by December 31, 2010; permit the Securities Division to designate an employee to examine an applicant's books and records; provide an examination waiver for investment adviser or representative applicants registered as broker-dealer agents within two years before their IA or IA rep. application filing dates; redefine a broker-dealer and investment adviser branch office; repeal an exam waiver for broker-dealer agents of the Japanese Stock Exchange; broaden the oil and gas exemption to apply to any entity's offers or sales; and restrict Wisconsin issuers' offers or sales for the "Wisconsin issuer registration exemption by filing" to equity securities.

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