AB781-AA1,1,84
551.23
(19) (c) 1. (intro.) Unless the cause for disqualification is waived under
5subd. 2., no exemption under par. (a) is available for the securities of an issuer unless
6the issuer did not know and in the exercise of reasonable care could not have known
7that any of the following apply to any of the persons described in
Rule 252 (c) to (f)
8of Regulation A under the securities act of 1933 17 CFR 230.262 (a), (b) or (c):".
AB781-AA1,2,1011
551.60
(3) If the public interest and the protection of investors so require, the
12commissioner may by order summarily suspend all trading in this state by
13broker-dealers and agents in any security for any period specified. No broker-dealer
14or agent may effect any transaction in, or induce or attempt to induce the purchase
15or sale of, any security in this state in which trading is so suspended, except in
16performance of a contract previously entered into. At any time after the issuance of
1an order under this subsection, any interested person may in writing request that
2the suspension of trading be vacated. Upon the receipt of a written request, the
3matter shall be noticed for hearing and a hearing shall be held in the manner
4provided in s. 551.61 (2). After the hearing, the commissioner may order the
5suspension to be continued until modified or vacated by further order upon a finding
6that trading in the security
will be unfair or inequitable or will tend to work a fraud
7upon the purchasers or sellers of the security. Otherwise, the commissioner shall
8vacate the suspension of trading and no further order may be entered under this
9subsection with respect to the same security in the absence of changed circumstances
10justifying an order.
AB781-AA1,3,213
551.60
(3) If the public interest and the protection of investors so require, the
14division may by order summarily suspend all trading in this state by broker-dealers
15and agents in any security for any period specified. No broker-dealer or agent may
16effect any transaction in, or induce or attempt to induce the purchase or sale of, any
17security in this state in which trading is so suspended, except in performance of a
18contract previously entered into. At any time after the issuance of an order under
19this subsection, any interested person may in writing request that the suspension
20of trading be vacated. Upon the receipt of a written request, the matter shall be
21noticed for hearing and a hearing shall be held in the manner provided in s. 551.61
22(2). After the hearing, the division may order the suspension to be continued until
23modified or vacated by further order upon a finding that trading in the security will
24tend to work a fraud upon the purchasers or sellers of the security. Otherwise, the
25division shall vacate the suspension of trading and no further order may be entered
1under this subsection with respect to the same security in the absence of changed
2circumstances justifying an order.".