The only federal regulations that may be affected by this proposed rule are provisions of the Internal Revenue Code regulating qualified pension plans. The Wisconsin Retirement System is required to be maintained as a qualified plan by s.
40.015, Stats.
Comparison with rules in adjacent states
Periodically, retirement systems in adjacent states promulgate technical rules to update existing administrative rules.
Summary of factual data and analytical methodologies
The department is proposing this rule to update existing rules and create other rules in light of
2007 Wisconsin Act 131, and in order to reflect current interpretations of existing statutes.
Analysis and supporting documents used to determine effect on small business
The rule does not have an effect on small businesses because private employers and their employees do not participate in, and are not covered by, the Wisconsin Retirement System.
Small Business Impact
There is no effect on small business.
Fiscal Estimate
The rule codifies current department practice. The rule will have no effect on state funds.
Agency Contact Person
Please direct any questions about the proposed rule to David Nispel, General Counsel, Department of Employee Trust Funds, P. O. Box 7931, Madison, WI 53707. The email address is:
david.nispel@etf.state.wi.us. The telephone number is: (608) 264-6936.
Notice of Hearing
Financial Institutions — Securities
NOTICE IS HEREBY GIVEN That pursuant to ss.
551.406 (5),
551.605 (1), and
227.11 (2), Stats., the Department of Financial Institutions, Division of Securities will hold a public hearing to consider a rule revising Chapters
DFI-Sec 1 to
5,
7, and
9, relating to minor revisions to securities administrative code sections for conformity with Wisconsin securities statutes, filings, and securities agent examination matters.
Hearing Information
The hearing will be held:
September 21, 2009 Dept. of Financial Institutions
at 9:00 a.m. 345 W. Washington Avenue
5th Floor
Madison, Wisconsin
Copies of Proposed Rule, Submission of Written Comments, and Agency Contact Person
To obtain a copy of the proposed rule or fiscal estimate at no charge, to submit written comments regarding the proposed rule, or for questions regarding the agency's internal processing of the proposed rule, contact Mark Schlei, Deputy General Counsel, Department of Financial Institutions, Office of the Secretary, P.O. Box 8861, Madison, WI 53708-8861, tel. (608) 267-1705, e-mail
mark.schlei@wisconsin.gov. A copy of the proposed rule may also be obtained and reviewed at the Department of Financial Institution's website,
www.wdfi.org. Written comments must be received by the conclusion of the department's hearing regarding the proposed rule.
For substantive questions on the proposed rule, contact Randall Schumann, Attorney, Department of Financial Institutions, Division of Securities, P.O. Box 1768, Madison, WI 53701-1768, tel. (608) 266-3414, e-mail
randall.schumann@wisconsin.gov.
Analysis Prepared by the Department of Financial Institutions, Division of Securities
Statute interpreted
Statutory authority
Related statute or rule
None.
Explanation of agency authority
Pursuant to ch.
551, Stats., the department regulates securities.
Summary of proposed rule
The purpose of the rule is as follows:
Section 1. These amendments are necessary to clarify that these apply to federally-covered advisors, their investment adviser representatives and state advisers, and also to correct cross references.
Section 2. This section can be repealed as duplicative to the definition in s. 551.102(11)(m), Stats.
Section 4. These sections can be repealed because of the language and scope of the merger/reorganization and employee benefit plan registration exemptions resulting from
2007 Wisconsin Act 196.
Section 5. These amendments provide for an electronic filing alternative (to the existing hard copy notice filing provision) for federal Regulation D/Rule 506 securities offerings that are or will be made in Wisconsin.
Section 6. This amendment provides specific recognition of electronic prospectus delivery modes that comply with federal requirements on the subject.
Section 7. The amendment to s.
DFI-Sec 4.01 (3) clarifies that if an applicant has received a waiver, he or she need not again take and pass such exams. The amendments to s.
DFI-Sec 4.01 (4) (e) to
(g) clarify that the even though the applicant may receive a waiver, it does not relieve the applicant from passing one of the state law exams.
Section 9. Corrects a citation.
Section 10. Is necessary to provide the exemption from registration for investment adviser representatives of noticed filed federal covered investment advisers in order to comply with the provisions of federal law.
Section 11. Because of the change from “licensing" to “registration" for broker-dealer and investment adviser matters, these amendments help differentiate between “licensee" matters and registration of securities matters.
Section 12. Form IAR (WI) is no longer necessary because renewals are handled via IARD, and form IAUSR(WI) will be discontinued as part of the application process.
Comparison with federal regulations
There are no newly-developed or proposed federal regulations addressed by this rule. However, Wisconsin Securities Law and rules are generally coordinated with corresponding federal requirements, pursuant to s.
551.615, Stats.
Comparison with rules in adjacent states
These rule chapters reflect the 2002 Uniform Securities Act which Iowa and Minnesota have adopted and written rules; Illinois and Michigan have not.
Summary of factual data and analytical methodologies
The division applied its own experience in its regulation of securities generally for the minor clarifications, corrections, revisions and examination matters addressed by the rule.
Small Business Impact
The rule makes minor clarifications, corrections and revisions for conformity with existing statutes; imposes no additional substantive requirements; and reduces the same.
Fiscal Estimate
The rule places no additional duties or burdens on state or local government, and hence has no affect on costs to either.
Notice of Hearing
Insurance
NOTICE IS HEREBY GIVEN that pursuant to the authority granted under s.
601.41 (3), Stats., and the procedures set forth under s.
227.18, Stats., the Office of the Commissioner of Insurance will hold a public hearing to consider the adoption of the proposed rulemaking order affecting Section
Ins 17.28 (3h), Wis. Adm. Code, relating to supervision and direction.
Hearing Information
Date: September 9, 2009
Time: 10:00 a.m., or as soon thereafter as the
matter may be reached
Place: OCI, Room 227 (2nd Floor)
125 South Webster Street
Madison, WI
Submission of Written Comments
Written comments can be mailed to:
Theresa L. Wedekind
OCI Rule Comment for Rule Ins 1728
Office of the Commissioner of Insurance
PO Box 7873
Madison WI 53707-7873
Written comments can be hand delivered to:
Theresa L. Wedekind
OCI Rule Comment for Rule Ins 1728
Office of the Commissioner of Insurance
125 South Webster St – 2nd Floor
Madison WI 53703-3474
Comments can be emailed to:
Theresa L. Wedekind
The deadline for submitting comments is 4:00 p.m. on the 14th day after the date for the hearing stated in this Notice of Hearing.
Copies of Proposed Rule
A copy of the full text of the proposed rule changes, analysis and fiscal estimate may be obtained from the OCI internet Web site at
http://oci.wi.gov/ocirules.htm or by contacting Inger Williams, Public Information and Communications, OCI, at:
inger.williams@wisconsin.gov, (608) 264-8110, 125 South Webster Street – 2
nd Floor, Madison WI or PO Box 7873, Madison WI 53707-7873.
Analysis Prepared by the Office of the Commissioner of Insurance
Statutes interpreted
Statutory authority
