LRB-4357/1
MDK:jld:jf
2009 - 2010 LEGISLATURE
March 9, 2010 - Introduced by Senator Wirch, cosponsored by Representative
Barca. Referred to Committee on Ethics Reform and Government Operations.
SB604,1,2
1An Act to create 551.102 (21m) of the statutes;
relating to: defining political
2subdivision of a state for purposes of the Wisconsin Uniform Securities Law.
Analysis by the Legislative Reference Bureau
Under current law, with certain exceptions, a person may not offer or sell a
security in this state unless the security is registered with the Division of Securities
(division) in the Department of Financial Institutions. Certain exceptions apply to
securities issued, insured, or guaranteed by political subdivisions of states or by
certain foreign governments or their political subdivisions, and to sales and offers to
sell to institutional investors. In addition, broker-dealers and investment advisors
are exempt from a requirement under current law to register with the division if they
deal in this state exclusively with specified persons, including institutional
investors. Current law also exempts certain investment advisors registered under
federal law from filing a required notice with the division if they do not have a place
of business in this state and they deal in this state exclusively with specified persons,
including institutional investors. Current law defines "institutional investor" to
include certain employee benefits plans of a political subdivision of a state, but does
not define "political subdivision."
This bill defines what constitutes a political subdivision of this state for
purposes of the provisions of current law described above. Under this bill, "political
subdivision of a state" means, with respect to this state, a city, village, town, or
county.
The people of the state of Wisconsin, represented in senate and assembly, do
enact as follows:
SB604, s. 1
1Section
1. 551.102 (21m) of the statutes is created to read:
SB604,2,32
551.102
(21m) "Political subdivision of a state" means, with respect to this
3state, a city, village, town, or county.
