(4) Under Section 4, the existing Wisconsin Rule of Conduct provision in DFI-Sec 4.05 (5) [requiring broker-dealers to provide customers with prescribed new account information and subsequent amendments to such information] is amended to both substitute a cross-reference to the new federal provision on that subject in SEC rule 17a-3(a)(17) under the Securities Exchange Act of 1934, and to repeal language in the Wisconsin rule inconsistent with federal provisions.
Each Section that adopts, amends or repeals a rule is followed by a separate Analysis which discusses the nature of the revision as well as the reason for it.
Copy of Proposed Rule
A copy of the entirety of the proposed rule revisions to be considered may be obtained upon request to the Division of Securities, Department of Financial Institutions, 345 West Washington Avenue, 4th Floor, P.O. Box 1768, Madison, Wisconsin 53701.
Fiscal Estimate
A summary of the fiscal effects of the proposed rule revisions is as follows: (1) No one-time revenue fluctuations; (2) No annual fiscal effects; (3) No long-range fiscal implications; (4) No fiscal effect on local units of government.
Initial Regulatory Flexibility Analysis:
1. Types of small businesses that could be affected by certain of the rule revisions are:
Broker-dealer licensees under the Wisconsin Uniform Securities Law with fewer than 25 full-time employees who meet the other criteria of s.
227.114 (l) (a), Stats. The proposed revisions to the securities broker-dealer books and record-keeping requirements and Rule of Conduct provisions are applicable equally to all broker-dealers because the requirements involved are for the protection and benefit of Wisconsin customers of those firms. All Wisconsin customers of securities broker-dealers are entitled to the public investor protection benefits of the licensing books and record-keeping requirements and Rule of Conduct provisions, irrespective of the size of the firm providing the securities services. Under the rule revision procedure of the Division of Securities, a copy of the proposed rule revisions is mailed to each broker-dealer licensed in Wisconsin, as well as to each investment adviser licensed or notice-filed in Wisconsin, notifying them of the proposed revisions and soliciting written comments or attendance at the public hearing regarding the proposed rules.
2. Reporting, bookkeeping and other procedures required for compliance with the rules.
See the summaries in numbered Items 1 to 4 above.
Contact Person
A copy of the full text of the proposed rule revisions and fiscal estimate may be obtained from:
Randall E. Schumann (608) 266-3414
Legal Counsel for the Division of Securities
Department of Financial Institutions
345 West Washington Avenue, 4th Floor
P. O. Box 1768
Madison, WI 53701
Additionally, the full text of the proposed rule revisions is available on-line at the DFI Website:
Notice of Hearing
Financial Institutions-Securities
NOTICE IS HEREBY GIVEN that pursuant to ss.
551.63 (1) and
(2), Stats., the Division of Securities of the Department of Financial Institutions will hold a public hearing at 345 West Washington Avenue, 4th Floor Conference Room, at 10:30 a.m. on
Monday, August 11, 2003 to consider the adoption, amendment and repeal of rules in connection with its annual review of the administrative rules of the Division of Securities relating to the operation of Ch.
551, Stats., the Wisconsin Uniform Securities Law.
Written comments in lieu of public hearing testimony may be submitted which must be received no later than the hearing date and should be addressed to the Administrator of the Division of Securities, 345 West Washington Avenue, PO Box 1768, Madison Wisconsin, 53701.
Analysis Prepared by the Division of Securities of the Department of Financial Institutions
The rulemaking procedures under Ch.
227 of the Wisconsin Statutes are being implemented for the purpose of effectuating the Division's annual review of the Rules of the Division of Securities. The Division's annual rule revision process for 2002 is conducted for the following purposes: (1) making necessary repeals of administrative rules that had been adopted under, and were applicable to, the former “individual accredited investor" securities registration exemption in 551.23 (8) (g), Stats., which was repealed and re-created effective October 1, 2002; and (2) amending several of the existing Administrative Procedure-contested case rules in Ch.
DFI-Sec 8, Rules of the Division of Securities, dealing with effectuating service and providing notice of administrative orders on named parties, as well as appearances at administrative proceedings by representatives of named parties.
A summary of the rule revisions follows:
1. Making necessary repeals of administrative rules [in DFI-Sec 2.02 (4) (a) and (b)] that had been adopted under, and were applicable to, the former “individual accredited investor"securities registration exemption in s. 551.23 (8) (g), Stats., which was repealed and re-created in
2001 Wisconsin Act 44 (that became effective October 1, 2002) to now conform totally to the federal definition of “accredited investor" under Rule 501(a) of Regulation D of the Securities Act of 1933
2. Existing rules in s.
DFI-Sec 8.03 relating to appearances at administrative proceedings by representatives of named parties need to be amended to reflect a recent Wisconsin court determination that precludes persons not licensed as attorneys in Wisconsin from representing named parties in contested case administrative proceedings before Wisconsin state agencies.
3. Existing rules in s.
DFI-Sec 8.07 relating to effectuating service of summarily-issued Division administrative orders on named parties needs to be amended to provide that if a named party is a corporation, service via certified mail can be accomplished either by sending to the corporation directly at its last known address, or by sending to the corporation's registered agent at its last known address, or by doing both.
4. Existing rules in s.
DFI-Sec 8.06 relating to effecting service by the Division of administrative orders on named parties needs to be amended to provide that if the named party is represented by legal counsel, service can be accomplished by serving legal counsel representing the named party.
Each Section that adopts, amends or repeals a rule is followed by a separate Analysis which discusses the nature of the revision as well as the reason for it.
Copy of Proposed Rule
A copy of the entirety of the proposed rule revisions to be considered may be obtained upon request to the Division of Securities, Department of Financial Institutions, 345 West Washington Avenue, 4th Floor, P.O. Box 1768, Madison, Wisconsin 53701.
Fiscal Estimate
A summary of the fiscal effects of the proposed rule revisions is as follows: (1) No one-time revenue fluctuations; (2) No annual fiscal effects; (3) No long-range fiscal implications; (4) No fiscal effect on local units of government.
Initial Regulatory Flexibility Analysis
1. Types of small businesses that could be affected by certain of the rule revisions are:
None of the rule proposals have particularized applicability to small businesses.
2. Reporting, bookkeeping and other procedures required for compliance with the rules.
No reporting, bookkeeping, or other procedures were contained in this rulemaking package.
Contact Person
A copy of the full text of the proposed rule revisions and fiscal estimate may be obtained from:
Randall E. Schumann (608) 266-3414
Legal Counsel for the Division of Securities
Department of Financial Institutions
345 West Washington Avenue, 4th Floor
P. O. Box 1768
Madison, WI 53701
Additionally, the full text of the proposed rule revisions is available on-line at the DFI Website:
Notice of Hearing
Health and Family Services
NOTICE IS HEREBY GIVEN that, pursuant to s.
227.11 (2) (a), Stats., the Department of Health and Family Services will hold a public hearing to consider proposed permanent rules to repeal, renumber, renumber and amend, amend, repeal and recreate and create provisions, relating to a variety of Wis. Adm. Code chapters administered by the Department.
Hearing Information
The public hearing will be held:
Date & Time Location
July 21, 2003 State Office Building
Monday 1 W. Wilson St.
1:00 PM to 3:00 PM Madison, WI
The hearing site is fully accessible to people with disabilities. Parking for people with disabilities is available on site.
Analysis Prepared by the Department of Health and Family Services
This proposed rulemaking order contains a variety of minor revisions to the Department's administrative rules, which were previously published in the Wisconsin Administrative
Register, No. 569, published on May 14, 2003. These revisions have little substantive effect on those regulated by the rules. The Department is issuing these changes in a single order to conserve limited agency resources while making necessary updates and improvements in the Department's body of administrative code.
Contact Person
To find out more about the hearing, or to comment on the proposed rule, please write or phone:
If you are hearing or visually impaired, do not speak English, or have other personal circumstances which might make communication at the hearing difficult and if you, therefore, require an interpreter, or a non-English, large print or taped version of the hearing document, contact the person at the address or phone number above. A person requesting a non-English or sign language interpreter should make that request at least 10 days before the hearing. With less than 10 days notice, an interpreter may not be available.
Written comments on the proposed rule received at the above address no later than Wednesday, July 23, 2003, will be given the same consideration as testimony presented at the hearing.
Fiscal Estimate
The Department's proposed changes will not have a fiscal effect.
Initial Regulatory Flexibility Analysis
The rule changes will not affect small businesses as “small business" is defined in s.
227.114 (1) (a), Stats.
Notice of Hearing
Health and Family Services
(Health, Chs.
HFS 110—)
NOTICE IS HEREBY GIVEN that, pursuant to s.
149.143 (2) and
(3), Stats., the Department of Health and Family Services will hold a public hearing to consider the amendment of ss.
HFS 119.07 (6) (b) to
(d) and
119.15 (2) and
(3), Wis. Admin. Code, relating to operation of the Health Insurance Risk-Sharing Plan (HIRSP) and the emergency administrative rules taking effect on the same subject on July 1, 2003.
Hearing Information
The date, time and location of the public hearing is:
July 15, 2003 Conference Room 372
Tuesday State Office Building
Beginning at 1:00 p.m. 1 West Wilson Street
Madison, WI
