Amendment AA1-ASA1-SB55

SB55-ASA1-AA1,1270,6 3. That each person who holds an ownership interest in the firm, and who does not hold a certificate or license to practice as a certified public accountant, is an individual who actively participates in the firm or an affiliated entity.

SB55-ASA1-AA1,1270,10 (3) The examining board shall promulgate rules that define "ownership interest" for purposes of sub. (2) and for determining the percentage of a person's ownership interest in a firm. In promulgating the rules, the examining board shall consider the financial interests and voting rights of all members of a firm.

SB55-ASA1-AA1, s. 3605tp Section 3605tp. 442.083 of the statutes is created to read:

SB55-ASA1-AA1,1270,16 442.083 Renewal. The renewal dates and renewal fees for licenses issued under this chapter are specified under s. 440.08 (2) (a). The department may not renew a license issued to a firm unless, at the time of renewal, the firm satisfies the requirements under s. 442.08 (2) and demonstrates, to the satisfaction of the department, that the firm has complied with the requirements under s. 442.087.

SB55-ASA1-AA1, s. 3605tr Section 3605tr. 442.087 of the statutes is created to read:

SB55-ASA1-AA1,1270,22 442.087 Peer review. (1) Definition. In this section, "peer review" means a process for a person licensed under this chapter to evaluate the professional competency of the members of a firm who are responsible for attest services provided by the firm or who sign or authorize another individual to sign accounting reports or financial statements on behalf of the firm.

SB55-ASA1-AA1,1271,2 (2) Renewal of firm licenses. After January 1, 2005, the department may not renew the license of a firm unless, at least once every 3 years, the firm undergoes the peer review that is specified in the rules promulgated under sub. (3) and that is conducted by a person approved by the examining board under the rules who is not affiliated with the firm or members of the firm undergoing review.

SB55-ASA1-AA1,1271,10 (3) Rules. The examining board shall promulgate rules that describe the peer review required to renew a firm's license under sub. (2). The rules shall include requirements for the examining board to approve one or more persons to conduct the peer reviews. The rules shall also require each person approved by the examining board to conduct peer reviews to periodically report to the examining board on the effectiveness of the peer reviews conducted by the person and to provide the examining board with a listing of all firms that have undergone peer review conducted by the person.

SB55-ASA1-AA1,1271,15 (4) Confidentiality. A person approved by the examining board to conduct peer reviews may not disclose to any person, including the examining board or the department, any information obtained or document produced during the course of or as a result of a review unless the firm undergoing the review consents to the disclosure.

SB55-ASA1-AA1, s. 3605tt Section 3605tt. 442.10 (1) of the statutes is amended to read:

SB55-ASA1-AA1,1272,2 442.10 (1) Whenever any person, as a certified public accountant or public accountant, signs or certifies any report, schedule, or statement relative to the affairs of any corporation, association, or partnership in which the person is financially interested or by which the person is regularly engaged as an officer or employee, the signature or certification shall be accompanied by a specific statement setting forth the fact that the person is financially interested in or is an officer or regular employee of the corporation, association, or partnership. If the person is both financially interested and an officer or regular employee, the statement shall cover both financial interest and employment. In the case of a corporation holding a certificate of authority firm signing or certifying as above described in this subsection, the interest of any of its stockholders members shall be disclosed.

SB55-ASA1-AA1, s. 3605tv Section 3605tv. 442.10 (2) of the statutes is amended to read:

SB55-ASA1-AA1,1272,11 442.10 (2) Notwithstanding sub. (1), no person licensed under this chapter, and no firm of which the person is a partner or shareholder member, may express an opinion as an independent certified public accountant on financial statements of any enterprise unless the person and the firm are independent of the enterprise. The requirement for independence under this subsection also extends to the spouse of such a person and to other relatives having a financial or business relationship with the enterprise which, in the opinion of the examining board, may impair independence.

SB55-ASA1-AA1, s. 3605tx Section 3605tx. 442.11 (1) of the statutes is amended to read:

SB55-ASA1-AA1,1272,15 442.11 (1) Uses any term other than certified public accountant or the abbreviation C. P. A. to indicate that he or she is a certified public accountant with a specially granted title.

SB55-ASA1-AA1, s. 3605tz Section 3605tz. 442.11 (2) of the statutes is amended to read:

SB55-ASA1-AA1,1272,21 442.11 (2) While practicing under an assumed name, or as a member of a partnership firm, other than a partnership firm with a name that is registered under s. 442.07 as composed of certified public accountants, or as an officer of a corporation (3), announces, either in writing or by printing, that the assumed name, partnership or corporation or firm is practicing as a certified public accountant.

SB55-ASA1-AA1, s. 3605vb Section 3605vb. 442.11 (3) of the statutes is repealed.

SB55-ASA1-AA1, s. 3605vd Section 3605vd. 442.11 (4) of the statutes is repealed.

SB55-ASA1-AA1, s. 3605vf Section 3605vf. 442.11 (6) of the statutes is repealed.

SB55-ASA1-AA1, s. 3605vh Section 3605vh. 442.11 (7) of the statutes is amended to read:

SB55-ASA1-AA1,1273,2 442.11 (7) Practices as a certified public accountant or as a public accountant after his or her certificate has been revoked.

SB55-ASA1-AA1, s. 3605vj Section 3605vj. 442.11 (8) of the statutes is amended to read:

SB55-ASA1-AA1,1273,7 442.11 (8) As an individual, member of a partnership or officer or director of a corporation or member of a firm, practices or permits the partnership or corporation firm to practice as a certified public accountant or as a public accountant unless a license has been secured for the current licensure period.

SB55-ASA1-AA1, s. 3605vL Section 3605vL. 442.11 (9) of the statutes is amended to read:

SB55-ASA1-AA1,1273,11 442.11 (9) Sells, buys, gives, or obtains an alleged certificate as a certified public accountant, a certificate of authority or a license in any manner other than that provided for by this chapter.

SB55-ASA1-AA1, s. 3605vn Section 3605vn. 442.11 (10) of the statutes is amended to read:

SB55-ASA1-AA1,1273,15 442.11 (10) Attempts to practice as a certified public accountant or as a public accountant under the guise of a certificate not granted by the examining board or under cover of a certificate obtained illegally or fraudulently.

SB55-ASA1-AA1, s. 3605vp Section 3605vp. 442.11 (12) of the statutes is amended to read:

SB55-ASA1-AA1,1273,18 442.11 (12) Attempts by any subterfuge to evade the provisions of this chapter while practicing as a certified public accountant.

SB55-ASA1-AA1, s. 3605vr Section 3605vr. 442.11 (13) of the statutes is amended to read:

SB55-ASA1-AA1,1274,2 442.11 (13) As an individual, a member of a partnership or an officer of a corporation or member of a firm, permits to be announced by printed or written statement that any report, certificate, exhibit, schedule, or statement has been prepared by or under supervision of a certified public accountant or by or under supervision of a public accountant when the person who prepared the report, certificate, exhibit, schedule, or statement was not a certified public accountant or public accountant.

SB55-ASA1-AA1, s. 3605vt Section 3605vt. 442.12 (intro.) of the statutes is amended to read:

SB55-ASA1-AA1,1274,5 442.12 Disciplinary action. (intro.) Subject to the rules promulgated under s. 440.03 (1), the examining board may do any of the following:

SB55-ASA1-AA1, s. 3605vv Section 3605vv. 442.12 (3) of the statutes is amended to read:

SB55-ASA1-AA1,1274,11 442.12 (3) In the case of a corporation or a partnership firm, revoke, limit, or suspend the license of the partnership or corporation firm, or reprimand it, if it is found that any officer, director or member of the firm has been guilty of such act or omission as would be cause for revoking, limiting, or suspending a certificate or license to the person as an individual or for reprimanding the person.

SB55-ASA1-AA1, s. 3605vx Section 3605vx. 442.13 of the statutes is amended to read:

SB55-ASA1-AA1,1274,24 442.13 Ownership of accountant's working papers. All statements, records, schedules, working papers, and memoranda made by a certified public accountant or public accountant incident to or in the course of professional service to clients by such a certified public accountant, except reports submitted by a certified public accountant or public accountant to a client, shall be and remain the property of such the certified public accountant, in the absence of an express agreement between such the certified public accountant and the client to the contrary. No such statement, record, schedule, working paper, or memorandum shall be sold, transferred, or bequeathed, without the consent of the client or the client's personal representative or assignee, to anyone other than one or more surviving partners or new or successor partners of such any member of the firm of the certified public accountant.

SB55-ASA1-AA1, s. 3605vz Section 3605vz. 442.14 of the statutes is repealed.

SB55-ASA1-AA1, s. 3608m Section 3608m. 447.34 (2) of the statutes is amended to read:

SB55-ASA1-AA1,1275,4 447.34 (2) Legal counsel, certified public accountants licensed under ch. 442, or other persons as to matters the director or officer believes in good faith are within the person's professional or expert competence.".

SB55-ASA1-AA1,1275,5 1708. Page 1156, line 6: after that line insert:

SB55-ASA1-AA1,1275,6 " Section 3608b. 452.07 (1m) of the statutes is created to read:

SB55-ASA1-AA1,1275,8 452.07 (1m) The department shall promulgate rules that specify the supervisory duties of brokers under s. 452.12 (3).

SB55-ASA1-AA1, s. 3608d Section 3608d. 452.12 (3) (a) of the statutes is renumbered 452.12 (3) and amended to read:

SB55-ASA1-AA1,1275,13 452.12 (3) Broker's liability for acts of employees. Each broker shall supervise, and is responsible for the acts of, any broker, salesperson, or time-share salesperson employed by the broker.

SB55-ASA1-AA1, s. 3608f Section 3608f. 452.12 (3) (b) of the statutes is repealed.

SB55-ASA1-AA1, s. 3608h Section 3608h. 452.139 (2) (c) of the statutes is amended to read:

SB55-ASA1-AA1,1275,19 452.139 (2) (c) Nothing in this subsection limits the liability of a broker under s. 452.12 (3) (a) for misrepresentations made by an employee who is a broker. Nothing in this subsection limits the liability of a client for a misrepresentation that the client makes in connection with brokerage services.".

SB55-ASA1-AA1,1275,20 1709. Page 1156, line 6: after that line insert:

SB55-ASA1-AA1,1275,21 " Section 3608d. 551.02 (1) of the statutes is renumbered 551.02 (1r).

SB55-ASA1-AA1, s. 3608f Section 3608f. 551.02 (1g) of the statutes is created to read:

SB55-ASA1-AA1,1275,23 551.02 (1g) "Accredited investor" has the meaning given in 17 CFR 230.501(a).

SB55-ASA1-AA1, s. 3608h Section 3608h. 551.23 (8) (g) of the statutes is amended to read:

SB55-ASA1-AA1,1276,6 551.23 (8) (g) An individual accredited investor, as defined by rule of the division, if the issuer reasonably believes immediately before the sale that the individual accredited investor, either alone or with the individual accredited investor's representative, has such knowledge and experience in financial and business matters as to be capable of evaluating the merits and risks of the prospective investment.

SB55-ASA1-AA1, s. 3608j Section 3608j. 551.23 (10) of the statutes is amended to read:

SB55-ASA1-AA1,1276,14 551.23 (10) Any offer or sale of its securities by an issuer having its principal office in this state, if the aggregate number of persons holding directly or indirectly all of the issuer's securities, after the securities to be issued are sold, does not exceed 15 25, exclusive of persons under sub. (8), if no commission or other remuneration is paid or given directly or indirectly for soliciting any person in this state, except to broker-dealers and agents licensed in this state, and if no advertising is published unless it has been permitted by the division.

SB55-ASA1-AA1, s. 3608L Section 3608L. 551.23 (11) (a) of the statutes is amended to read:

SB55-ASA1-AA1,1276,22 551.23 (11) (a) Any transaction pursuant to an offer directed by the offeror to not more than 10 25 persons in this state, excluding persons exempt under sub. (8) but including persons exempt under sub. (10), during any period of 12 consecutive months, whether or not the offeror or any of the offerees is then present in this state, if the offeror reasonably believes that all the persons in this state are purchasing for investment, and no commission or other remuneration is paid or given directly or indirectly for soliciting any person in this state other than those exempt by sub. (8).

SB55-ASA1-AA1, s. 3608n Section 3608n. 551.31 (1) (d) of the statutes is created to read:

SB55-ASA1-AA1,1277,4 551.31 (1) (d) An agent who is acting exclusively as an agent representing an issuer of securities and who makes offers and sales of the issuer's securities in transactions that are exempt under s. 551.23 (8) (g) or under a rule of the division promulgated under s. 551.23 (18) that specifically exempts transactions involving accredited investors and that is based on a model accredited investor exemption adopted by the North American Securities Administrators Association.".

SB55-ASA1-AA1,1277,5 1710. Page 1156, line 6: after that line insert:

SB55-ASA1-AA1,1277,6 " Section 3605c. 441.06 (title) of the statutes is amended to read:

SB55-ASA1-AA1,1277,7 441.06 (title) Licensure; civil liability and disciplinary exemption.

SB55-ASA1-AA1, s. 3605e Section 3605e. 441.06 (6) of the statutes is renumbered 441.06 (6) (b) (intro.) and amended to read:

SB55-ASA1-AA1,1277,16 441.06 (6) (b) (intro.) No A person licensed as a registered nurse under this section is liable for any civil damages resulting from immune from liability for any damage caused by his or her refusal to perform sterilization procedures or to remove or aid in the removal of a human embryo or fetus from a person, assist in, recommend, counsel in favor of, make referrals for, prescribe, dispense or administer drugs for, or otherwise promote, encourage, or aid any of the following, if the refusal is based on religious or moral precepts.:

SB55-ASA1-AA1, s. 3605g Section 3605g. 441.06 (6) (a) of the statutes is created to read:

SB55-ASA1-AA1,1277,20 441.06 (6) (a) In this subsection, "human embryo" includes any organism that is derived by fertilization, parthenogenesis, cloning, or any other means from one or more human gametes or human diploid cells.

SB55-ASA1-AA1, s. 3605i Section 3605i. 441.06 (6) (b) 1. to 7. of the statutes are created to read:

SB55-ASA1-AA1,1277,22 441.06 (6) (b) 1. A sterilization procedure.

SB55-ASA1-AA1,1277,24 2. A procedure involving a drug or device that may prevent the implantation of a fertilized human ovum.

SB55-ASA1-AA1,1278,1 3. An abortion, as defined in s. 253.10 (2) (a).

SB55-ASA1-AA1,1278,2 4. An experiment or medical procedure involving any of the following:

SB55-ASA1-AA1,1278,3 a. The destruction of a human embryo.

SB55-ASA1-AA1,1278,6 b. A human embryo or unborn child, at any stage of development, in which the experiment or procedure is not related to the beneficial treatment of the human embryo or unborn child.

SB55-ASA1-AA1,1278,9 5. A procedure, including a transplant procedure, that uses fetal tissue or organs other than fetal tissue or organs from a stillbirth, spontaneous abortion, or miscarriage.

SB55-ASA1-AA1,1278,14 6. The withholding or withdrawal of nutrition or hydration, if the withholding or withdrawal of nutrition or hydration would result in the patient's death from malnutrition or dehydration, or complications of malnutrition or dehydration, rather than from the underlying terminal illness or injury, unless the administration of nutrition or hydration is medically contraindicated.

SB55-ASA1-AA1,1278,16 7. An act that intentionally causes or assists in causing the death of an individual, such as by assisted suicide, euthanasia, or mercy killing.

SB55-ASA1-AA1, s. 3605k Section 3605k. 441.06 (7) of the statutes is created to read:

SB55-ASA1-AA1,1278,23 441.06 (7) A person licensed as a registered nurse under this section who, in writing, refuses, or states an intention to refuse, on moral or religious grounds to engage in a practice of professional nursing that is related to an activity specified in sub. (6) (b) 1. to 7. shall not be required to engage in the practice with respect to the activity and may not be disciplined by the board or the department for refusing or stating an intention to refuse to engage in the practice with respect to the activity.

SB55-ASA1-AA1, s. 3605m Section 3605m. 441.06 (8) of the statutes is created to read:

SB55-ASA1-AA1,1279,7 441.06 (8) A person who is adversely affected by, or who reasonably may be expected to be adversely affected by, conduct that is in violation of sub. (7) may bring a civil action for injunctive relief, including reinstatement, damages, including damages for emotional or psychological distress, or both injunctive relief and damages. In an action under this subsection, the court shall award reasonable attorney fees, notwithstanding s. 814.04 (1), to a person who obtains injunctive relief, an award of damages, or both.

SB55-ASA1-AA1, s. 3608c Section 3608c. 448.03 (5) (title) of the statutes is amended to read:

SB55-ASA1-AA1,1279,10 448.03 (5) (title) Civil liability and disciplinary exemption; certain medical procedures and reports.

SB55-ASA1-AA1, s. 3608e Section 3608e. 448.03 (5) (a) of the statutes is renumbered 448.03 (5) (ar) (intro.) and amended to read:

SB55-ASA1-AA1,1279,19 448.03 (5) (ar) (intro.) No A person licensed or certified under this subchapter shall be liable for any civil damages resulting from such is immune from liability for any damage caused by the person's refusal to perform sterilization procedures or to remove or aid in the removal of a human embryo or fetus from a person if such, assist in, recommend, counsel in favor of, make referrals for, prescribe, dispense or administer drugs for, or otherwise promote, encourage, or aid any of the following if the refusal is based on religious or moral precepts. :

SB55-ASA1-AA1, s. 3608g Section 3608g. 448.03 (5) (ag) of the statutes is created to read:

SB55-ASA1-AA1,1279,23 448.03 (5) (ag) In this subsection, "human embryo" includes any organism that is derived by fertilization, parthenogenesis, cloning, or any other means from one or more human gametes or human diploid cells.

SB55-ASA1-AA1, s. 3608i Section 3608i. 448.03 (5) (am) of the statutes is created to read: