2. An investment adviser is not required to offer or deliver the wrap fee brochure if another sponsor of the wrap fee program offers or delivers to the client or prospective client of the wrap fee program a wrap fee program brochure containing all the information that the investment adviser's wrap fee program brochure must contain.
3. A wrap fee brochure shall not be used in place of any brochure supplement that the investment adviser is required to deliver under par. (b)1.
(f) Each investment adviser shall amend its brochure and any brochure supplement and deliver the amendments to clients not more than 30 days from the date that the information contained in the brochure or brochure supplement becomes materially inaccurate. The investment adviser shall comply with the instructions to Part 2 of Form ADV regarding updating and delivery.
(g) Each investment adviser that renders substantially different types of investment advisory services to different clients may provide them with different brochures, provided that each client receives all applicable information about services and fees. The brochure delivered to a client may omit any information required by Part 2A of Form ADV if such information is applicable to only a type of investment advisory service or fee that is not rendered or charged, or proposed to be rendered or charged, to that client or prospective client.
(h) Nothing in this rule shall relieve any investment adviser from any obligation pursuant to any provision of this chapter or any rules thereunder or other federal or state law to disclose any information to its clients or prospective clients not specifically required by this rule.
(i) Each investment adviser shall deliver to each of its clients its current brochure and all required brochure supplements not later than January 1, 2002.
Section 6. DFI-Sec 5.07 and 5.08 are repealed and recreated to read:
DFI-Sec 5.07 License and notice filing period. (1) Prior to January 1, 2002, the license of an investment adviser expires on April 30. Effective January 1, 2002, the license of an investment adviser expires on December 31 of each year. Each licensed investment adviser seeking renewal of its license shall file for renewal with the investment adviser registration depository according to the depository's schedule.
(2) The license of an investment adviser representative expires on the same day as the license of the investment adviser or the notice filing of the federal covered adviser which the person represents. The license of an investment adviser representative is not effective during any period when the investment adviser which that person represents is not licensed, or when the federal covered adviser that the person represents does not have an effective notice filing with the division, or during any period when the representative is not employed either by a specified investment adviser licensed under ch. 551. Stats., or a federal covered adviser that has filed a notice with the division under s. 551.32(1m)(a), Stats. Each licensed investment adviser representative seeking renewal of his or her license shall file for renewal with the investment adviser registration depository according to the depository's schedule.
DFI-Sec 5.08 Withdrawal of licenses. (1) An application for withdrawal from the status of a licensed investment adviser under s. 551.32(9)(a), Stats., shall be filed with the investment adviser registration depository on Form ADV-W.
(2) An application for withdrawal from the status of a licensed investment adviser representative shall be filed with the investment adviser registration depository on Form U-5 within 15 days of the termination of the representative's employment pursuant to s. 551.31(4)(c), Stats.
Section 7. DFI-Sec 5.10, 5.11 and 5.12 are created to read:
DFI-Sec 5.10 Electronic Filing. The electronic filing of any particular document and the collection of related processing fees shall not be required until such time as the investment adviser registration depository provides for receipt of such filings and fees and the division provides 30 days notice of the change. Any documents or fees required to be filed with the division that are not permitted to be filed with, or cannot be accepted by, the investment adviser registration depository shall be filed directly with the division.
DFI-Sec 5.11 Federal covered adviser notice filing procedure. (1) The notice filing for a federal covered adviser pursuant to s. 551.32(1m), Stats., shall be filed with the investment adviser registration depository on Form ADV. A notice filing for a federal covered adviser shall be deemed filed when the fee on deposit with the investment adviser registration depository has been allocated to the division. Any documents or fees required to be filed with the division that are not permitted to be filed with, or cannot be accepted by, the investment adviser registration depository shall be filed directly with the division.
(2) A federal covered adviser shall file all amendments to its Form ADV with the investment adviser registration depository according to the instructions to Form ADV.
(3) Prior to January 1, 2002, the notice filing of a federal covered adviser that has filed a notice with the division under s. 551.32(1m)(a), Stats., expires on April 30. Each federal covered adviser seeking renewal of its notice filing shall file with the division a notice accompanied by the notice filing fee pro-rated from May 1 to December 31, 2000. Effective January 1, 2002, each federal covered adviser seeking renewal of its notice filing shall file for renewal with the investment adviser registration depository according to the depository's schedule and instructions. An application for renewal of a notice filing under this paragraph shall be deemed “filed" under s. 551.32(1m), Stats., when the fee on deposit with the investment adviser registration depository has been allocated to the division.
DFI-Sec 5.12 Transition filing. (1) Each investment adviser licensed or required to be licensed in this state shall make its initial transition filing electronically with the investment adviser registration depository not later than June 1, 2001, unless a hardship exemption has been granted by the division.
(2) Each investment adviser licensed or required to be licensed in this state shall resubmit its Part 1 of Form ADV electronically with the investment adviser registration depository not later than August 31, 2001, unless a hardship exemption has been granted by the division.
(3) Amendments to an investment adviser's Form ADV that are made after its transition filing is completed pursuant to subs. (1) and (2) must be filed electronically with the investment adviser registration depository, unless a hardship exemption has been granted by the division.
(4) Each investment adviser representative licensed or required to be licensed in this state shall resubmit its Form U-4 electronically with the investment adviser registration depository not later than a date prescribed by separate rule or order of the division, unless a hardship exemption has been granted by the division.
Fiscal Estimate
The proposed rules will not have any annualized state fiscal effects. However, there will be a one-time, approximately $32,000 decrease in Division of Securities licensing revenue. A copy of the full fiscal estimate may be obtained upon request to the Department of Financial Institutions, Division of Securities, 345 West Washington Avenue, 4th Floor, P.O. Box 1768, Madison, WI 53703.
Initial Regulatory Flexibility Analysis
There is no particular small business impact to the proposed permanent rules because the provisions that adopt the IARD for use in Wisconsin benefit equivalently all investment adviser licensees and license applicants as well as federal covered advisers, whether or not they fall within the definition of a small business.
Contact Person
For additional information, or if there are questions concerning the rule proposal, contact Randall E. Schumann, Legal Counsel for the Division, Division of Securities, Department of Financial Institutions, 345 West Washington Avenue, 4th Floor, P.O. Box 1768, Madison, WI 53703. Telephone direct-dial (608) 266-3414.
Notice of Hearings
Health and Family Services
(Health, Chs. HFS 110 - )
Notice is hereby given that, pursuant to ss. 254.47 (4) and 254.68, Stats., the Department of Health and Family Services will hold public hearings to consider the amendment of chs. HFS 172, 175, 178 and 195 to 198, Wisconsin Administrative Code, relating to an increase in permit and related fees for the operation of public swimming pools, recreational and educational camps, campgrounds, hotels and motels, tourist rooming houses, restaurants, bed and breakfast establishments and food and beverage vending operations and commissaries.
Hearing Information
The public hearings will be held:
Monday, March 19, 2001, beginning at 1 p.m.
Public Health Regional Office
1853 N. Stevens Street
Rhinelander, WI 54501
Tuesday, March 20, 2001, beginning at 1 p.m.
Green Bay City Hall Room 604
100 N. Jefferson Street
Green Bay, WI
Wednesday, March 21, 2001, beginning at 1 p.m.
DHFS Regional Office Room 123
610 Gibson Street
Eau Claire, WI
Thursday, March 22, 2001, beginning at 1 p.m.
State Office Building Room B145
1 West Wilson Street
Madison, WI
The hearing sites are fully accessible to people with disabilities.
Analysis Prepared by the Department of Health and Family Services
The department and agent local health departments regulate all campgrounds, camps, the operation of swimming pools that serve the public, restaurants, hotels and motels, tourist rooming houses, bed and breakfast establishments and food vending operations in the state under the authority of ss. 254.47 and 254.61 to 254.88, Stats., to ensure that these facilities comply with the department's health, sanitation and safety standards set out in administrative rules. The department's rules for these facilities are found in chs. HFS 172, 175, 178, 195, 196, 197 and 198 of the Wisconsin Administrative Code. None of the facilities may operate without having a permit issued by the department or an agent local health department. A permit is evidence that a facility complies with the department's rules. Under the department's rules, facilities are charged permit and related fees. Fee revenue supports the department's expenses in providing statutorily required regulatory oversight of these entities.
This rulemaking order amends the department's rules for operation of these facilities to increase permit fees an average of 40% for all program areas, and to increase the preinspection fee for new hotels and motels, tourist rooming houses, restaurants, bed and breakfast establishments and vending machine commissaries.
The fee increases will enable the department to fully staff existing position regulatory program vacancies, allowing the department to increase its frequency of routine inspections, ability to promptly respond to public complaints, and undertake necessary enforcement action.
This order does not affect facilities regulated by local health departments granted agent status under s. 254.69(2), Stats. Permit fees for those facilities are established by local health departments pursuant to s. 254.69 (2)(d), Stats.
Contact Person
To find out more about the hearings or to request a copy of the rulemaking order and the full fiscal estimate, write or phone:
Greg Pallaske
Environmental Sanitation Section
Division of Public Health
P. O. Box 2659
Madison, WI 53701-2659
608-266-8351 or, if you are hearing impaired, 608-266-1511 (TTY)
If you are hearing or visually impaired, do not speak English, or have other personal circumstances which might make communication at a 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 rules received at the above address no later than March 29, 2001, will be given the same consideration as testimony presented at a hearing.
Fiscal Estimate
This order changes the department's fee schedule for the permit of restaurants, hotels, motels, tourist rooming houses, bed and breakfast establishments, camps, campgrounds and food vending operations. Annual permit fees will be increased to fund the department's food and facility safety programs. It is estimated that the increase in facility permit fees will generate an additional $693,800 in annual revenues.
The proposed rule change would generate an additional $393,600 from 5,788 licensed restaurants; the average annual increase in the permit fee would be $68. It is estimated that increased permit fees would generate $125,061 additional revenue annually from 3,396 lodging facilities; the average annual increase would be $37. It is estimated that increase to pre-inspection fees for restaurant and lodging facilities would generate an additional $44,439 annually; the average pre-inspection fee would increase by approximately $48. Increased permit fees for camps, campgrounds and swimming pools would generate $64,966 from 1,828 facilities annually; the average permit fee increase would be $36. The increased permit fees to food vending commissaries would generate $3,447 annually; the average permit fee would increase by $28.
Local public health departments in the state may act as agents for the department. These agents return 10% of the state permit fee for each establishment to the Department for training and technical support services. It is estimated that the proposed changes will increase fees from the agent health departments by $62,312 per year. Currently there are 32 state agents. As a result the average impact on each local unit of government will be approximately $1,947 annually.
Initial Regulatory Flexibility Analysis
Many of the 11,000 facilities licensed by the department are small businesses as defined in s. 227.114 (1) (a), Stats. These facilities will be impacted by an increase in annual permit fees. The department has attempted to minimize the economic impact on small businesses by scaling fee increases according to the complexity of the operation and the amount of time required by department staff to perform a safety inspection/consultation. Facilities with greater complexity in food preparation facilities, or greater numbers of lodging rooms or campsites, will experience greater fee increases than smaller facilities.
This rule order does not place additional recordkeeping, reporting or bookkeeping requirements on small business owners. The facilities will benefit by an increase in the number of compliance inspections by department staff; this will result in safer operations for the consuming public.
Notice of Hearing
Natural Resources
(Fish, Game, etc.)
NOTICE IS HEREBY GIVEN that pursuant to ss. 23.09(2), 29.014, 29.192, 29.885 and 227.11(2), Stats., interpreting ss. 29.014, 29.192, 29.885 and 227.11, Stats., the Department of Natural Resources will hold a public hearing on revisions to chs. NR 10, 12 and 19, Wis. Adm. Code, relating to hunting, trapping and nuisance wildlife control. The proposed rule clarifies the language regarding the exclusion of the Burnett County subzone from the early September goose season, eliminates the requirement of having to keep deer hunting back and carcass tags attached prior to harvesting a deer, eliminates the requirement of having both the mink and muskrat seasons open before trappers can use smaller traps, allows landowners to harass birds to relieve a damage or nuisance situation in urban areas and golf courses and updates the allowable hunting hours for participants of the deer damage shooting program by allowing permittees to follow the new hunting hours which went into effect on November 18, 2000.
NOTICE IS HEREBY FURTHER GIVEN that pursuant to s. 227.114, Stats., it is not anticipated that the proposed rule will have an economic impact on small businesses.
NOTICE IS HEREBY FURTHER GIVEN that the Department has made a preliminary determination that this action does not involve significant adverse environmental effects and does not need an environmental analysis under ch. NR 150, Wis. Adm. Code. However, based on the comments received, the Department may prepare an environmental analysis before proceeding with the proposal. This environmental review document would summarize the Department's consideration of the impacts of the proposal and reasonable alternatives.
NOTICE IS HEREBY FURTHER GIVEN that the hearing will be held on:
Monday, March 12, 2001, at 1:00 p.m.
Room 611A, GEF #2,
101 South Webster Street
Madison, WI
NOTICE IS HEREBY FURTHER GIVEN that pursuant to the Americans with Disabilities Act, reasonable accommodations, including the provision of informational material in an alternative format, will be provided for qualified individuals with disabilities upon request, Please call Pat Beringer at (608) 267-2452 with specific information on your request at least 10 days before the date of the scheduled hearing.
Written comments on the proposed rules may be submitted to Mr. Pat Beringer, Bureau of Wildlife Management, P.O. Box 7921, Madison, WI 53707 no later than March 14, 2001. Written comments will have the same weight and effect as oral statements presented at the hearing. A copy of the proposed rule and fiscal estimate may be obtained from Mr. Beringer.
Fiscal Estimate
We do not estimate that any of these proposed changes will result in an increase or decrease in revenues or expenditures. There are no local government costs anticipated due to the provisions of this bill.
Notice of Hearing
Natural Resources
(Fish, Game, etc.)
NOTICE IS HEREBY GIVEN that pursuant to ss. 29.014(1), 29.041 and 227.11(2), Stats., interpreting ss. 29.014(1) and 29.041, Stats., the Department of Natural Resources will hold a public hearing on revisions to chs. NR 20 and 21 and the repeal of s. NR 50.20, Wis. Adm. Code, relating to fishing on the inland, outlying and boundary waters of Wisconsin and fish rearing pond grants. The proposed rule contains “housekeeping" and minor, noncontroversial changes to the fishing regulations. The proposed rules simplify existing rules were possible, including revisions to correct cross references and grammatical errors, amend and create definitions, clarify sturgeon spearing regulations, clarify authorized fishing methods and eliminate the fish rearing pond grant program that was repealed by the legislature.
