CHAPTER 551
WISCONSIN UNIFORM SECURITIES LAW
SUBCHAPTER I
TITLE AND DEFINITIONS
SUBCHAPTER II
REGISTRATION AND NOTICE FILING
PROCEDURES; SECURITIES
551.21 Registration requirement.
551.22 Exempt securities.
551.23 Exempt transactions.
551.24 Exemption proceedings.
551.25 Registration by coordination.
551.26 Registration by qualification.
551.27 General registration provisions.
551.28 Denial, suspension and revocation of registrations.
551.29 Federal covered securities.
SUBCHAPTER III
LICENSING AND NOTICE FILING PROCEDURES; BROKER-DEALERS, AGENTS, INVESTMENT ADVISERS AND INVESTMENT ADVISER REPRESENTATIVES
551.31 Licensing and notice filing requirements.
551.32 Licensing and notice filing procedure.
551.33 Post-licensing provisions.
551.34 Denial, suspension and revocation of licenses.
SUBCHAPTER IV
FRAUDULENT PRACTICES
551.41 Sales and purchases.
551.42 Market manipulation.
551.43 Broker-dealer activities.
551.44 Advisory activities.
SUBCHAPTER V
GENERAL PROVISIONS
551.52 Fees and expenses.
551.54 Misleading filings.
551.55 Unlawful representations.
551.56 Investigations and subpoenas.
551.58 Criminal penalties.
551.59 Civil liabilities.
551.60 Miscellaneous powers.
551.605 Administrative assessments; investor education.
551.61 Hearings and judicial review.
551.62 Stay of proceedings.
551.63 Rules, forms and orders.
551.64 Administrative files and opinions.
551.65 Service of process.
TITLE AND DEFINITIONS
551.01
551.01
Short title. This chapter shall be known and may be cited as the "Wisconsin Uniform Securities Law".
551.02
551.02
Definitions. In this chapter, unless the context otherwise requires:
551.02(1r)
(1r) "Advertising" means any circular, prospectus, advertisement or other material or any communication by radio, television, pictures or similar means used in connection with a sale or purchase or an offer to sell or purchase any security.
551.02(2)
(2) "Agent" means any individual other than a broker-dealer who represents a broker-dealer or issuer in effecting or attempting to effect transactions in securities. A partner, officer or director of a broker-dealer or issuer, or a person occupying a similar status or performing similar functions, is an agent if he or she is within this definition. "Agent" does not include an individual who represents an issuer in doing any of the following:
551.02(2)(b)
(b) Effecting transactions exempted by
s. 551.23, other than transactions exempted under
s. 551.23 (8) (g),
(10) or
(19) in which the individual receives a commission or other remuneration directly or indirectly for soliciting or selling to any person in this state.
551.02(2)(c)
(c) Effecting other transactions if no commission or other remuneration is paid or given directly or indirectly for soliciting any person in this state.
551.02(3)
(3) "Broker-dealer" means any person engaged in the business of effecting transactions in securities for the account of others or for the person's own account. "Broker-dealer" does not include any of the following:
551.02(3)(c)
(c) A bank, savings institution, or trust company, when effecting transactions for its own account or as agent under
s. 551.31 (5).
551.02(3)(d)
(d) A personal representative, guardian, conservator, or pledgee.
551.02(3)(f)
(f) A person licensed as a real estate broker under
ch. 452 and whose transactions in securities are isolated transactions incidental to that business.
551.02(3)(h)
(h) Other persons not within the intent of this subsection whom the division by rule or order designates.
551.02(4)
(4) "Division" means the division of securities.
551.02(4g)
(4g) "Federal covered adviser" means a person who is registered under section 203 of the Investment Advisers Act of 1940.
551.02(4r)
(4r) "Federal covered security" means any security that is a covered security under section 18 (b) of the Securities Act of 1933 or regulations promulgated under that act.
551.02(5)
(5) "Fraud", "deceit" and "defraud" are not limited to common law deceit.
551.02(6)
(6) "Guaranteed" means guaranteed as to payment of principal, interest or dividends.
551.02(7)
(7) "Investment adviser" means any person who, for compensation, engages in the business of advising others, either directly or through publications, writings or electronic means, as to the value of securities or as to the advisability of investing in, purchasing or selling securities, or who, for compensation and as a part of a regular business, issues or promulgates analyses or reports concerning securities. "Investment adviser" does not include any of the following:
551.02(7)(a)
(a) A bank, savings institution or trust company.
551.02(7)(b)
(b) A lawyer, accountant, engineer or teacher whose performance of these services is solely incidental to the practice of his or her profession.
