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6(5) Publications, radio, television, or electronic communications. An offer
7to sell or to purchase is not made in this state when a publisher circulates or there
8is circulated on the publisher's behalf in this state a bona fide newspaper or other
9publication of general, regular, and paid circulation that is not published in this
10state, or that is published in this state but has had more than two-thirds of its
11circulation outside this state during the previous 12 months, or when a radio or
12television program or other electronic communication originating outside this state
13is received in this state. A radio, television program, or other electronic
14communication is considered as having originated in this state if either the broadcast
15studio or the originating source of transmission is located in this state, unless any
16of the following apply:
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(a) The program or communication is syndicated and distributed from outside
18this state for redistribution to the general public in this state.
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(b) The program or communication is supplied by a radio, television, or other
20electronic network with the electronic signal originating from outside this state for
21redistribution to the general public in this state.
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(c) The program or communication is an electronic communication that
23originates outside this state and is captured for redistribution to the general public
24in this state by a community antenna or cable, radio, cable television, or other
25electronic system.
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1(d) The program or communication consists of an electronic communication
2that originates in this state, but which is not intended for distribution to the general
3public in this state.
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4(6) Investment advice and misrepresentations. Sections 551.403 (1), 551.404
5(1), 551.405 (1), 551.502, 551.505, and 551.506 apply to a person if the person engages
6in an act, practice, or course of business instrumental in effecting prohibited or
7actionable conduct in this state, whether or not either party is then present in this
8state.
SB483,118,14
9551.614 Fees and expenses. (1) Registration and notice filing fees and
10reporting. (a) There shall be a filing fee of $750 for every registration statement filed
11under s. 551.303 or 551.304, and for every notice filing under s. 551.302. If a
12registration statement is denied or withdrawn before the effective date or a
13pre-effective stop order is entered under s. 551.306, or a notice filing is withdrawn,
14the filing fee shall be retained.
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(b) 1. An indefinite amount of securities shall be registered for offer and sale
16in this state under a registration statement relating to redeemable securities issued
17by an open-end management company or a face amount certificate company, as
18defined in the Investment Company Act of 1940, and the applicant shall pay the fee
19under par. (a). The registrant also shall, within 60 days after the end of each fiscal
20year during which its registration statement is effective and within 60 days after the
21registration is terminated, file a report on a form prescribed by rule of the division.
22The form shall require the registrant to do one of the following:
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a. Elect not to include the information under subd. 1. b. and instead pay a fee
24of $1,500.
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1b. Report the amount of securities sold to persons in this state during the
2preceding fiscal year or, if the registration is terminated, during the portion of the
3preceding fiscal year during which the registration was effective, and pay a fee of 0.05
4percent of the dollar amount of the securities sold to persons in this state, but not less
5than $150 nor more than $1,500.
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2. An indefinite amount of securities is eligible for offer and sale in this state
7resulting from a notice filing under s. 551.302 for the initial offer of a federal covered
8security under section 18 (b) (2) of the Securities Act of 1933, if the filing party has
9notified the division of securities of the issuer's fiscal year, and the filing party pays
10the fee under par. (a). The filing party shall also, within 90 days after the end of each
11fiscal year following the filing under s. 551.302, and within 90 days after sales in this
12state have terminated, file a report to allow the division of securities to determine
13that the amount of the fee paid is correct. The report shall be on a form prescribed
14by rule of the division and shall require the filing party to do one of the following:
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a. Elect not to include the information under subd. 2. b. and instead pay a fee
16of $1,500.
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b. Report the amount of securities sold to persons in this state during the
18preceding fiscal year or, if sales have terminated, during the portion of the preceding
19fiscal year during which sales were made, and pay a fee of 0.05 percent of the dollar
20amount of the securities sold to persons in this state, but not less than $150 nor more
21than $1,500.
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22(2) Fees related to Broker-dealers, agents, investment advisers, investment
23adviser representatives, and federal covered advisers. Every applicant for an
24initial or renewal license under s. 551.401, 551.402, 551.403, or 551.404 shall pay a
25filing fee of $200 in the case of a broker-dealer or investment adviser and $30 in the
1case of an agent representing a broker-dealer or issuer or an investment adviser
2representative. Every federal covered adviser in this state that is required to make
3a notice filing under s. 551.405 shall pay an initial or renewal notice filing fee of $200.
4A broker-dealer, investment adviser, or federal covered adviser maintaining a
5branch office within this state shall pay an additional filing fee of $30 for each branch
6office. When an application is denied, or an application or a notice filing is
7withdrawn, the filing fee shall be retained.
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8(3) Examination expenses. The expenses reasonably attributable to the
9examination of any matter arising under this chapter shall be charged to the
10applicant, registrant, or licensee involved, but the expenses so charged shall not
11exceed such maximum amounts as the division of securities by rule prescribes.
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12(4) Other fees. The division of securities may by rule require the payment of
13prescribed fees for delinquent or materially deficient filings of information or
14documents required under this chapter to be filed with the division or an
15organization designated under s. 551.406 (1) (intro.).
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16(5) Fees paid to state. All fees and expenses collected by the division under this
17section shall be deposited into the general fund and credited to the appropriation
18account under s. 20.144 (1) (g).
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19551.615 Statutory policy. This chapter shall be so construed as to effectuate
20its general purpose to make uniform the law of those states which enact the "Uniform
21Securities Act of 2002" and to coordinate the interpretation and administration of
22this chapter with related federal regulation.
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subchapter Vii
24
TRANSITION
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1551.701 Effective date. This chapter takes effect on the effective date of this
2section .... [revisor inserts date].
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3551.703 Application of act to existing proceeding and existing rights
4and duties. (1) Applicability of predecessor act to pending proceedings and
5existing rights. The predecessor act exclusively governs all actions or proceedings
6that are pending on the effective date of this subsection .... [revisor inserts date], or
7may be instituted on the basis of conduct occurring before the effective date of this
8subsection .... [revisor inserts date], but a civil action may not be maintained to
9enforce any liability under the predecessor act unless instituted within any period
10of limitation that applied when the cause of action accrued or within 5 years after the
11effective date of this subsection .... [revisor inserts date], whichever is earlier.
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12(2) Continued effectiveness under predecessor act. All effective
13registrations under the predecessor act, and all administrative orders relating to the
14registrations, rules, statements of policy, interpretative opinions, declaratory
15rulings, no action determinations, and conditions imposed on the registrations under
16the predecessor act, remain in effect while they would have remained in effect if this
17chapter had not been reenacted. They are considered to have been filed, issued, or
18imposed under this chapter, but are exclusively governed by the predecessor act.
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19(3) Applicability of predecessor act to offers or sales. The predecessor act
20exclusively applies to an offer or sale made within one year after the effective date
21of this subsection .... [revisor inserts date], pursuant to an offering made in good faith
22before the effective date of this subsection .... [revisor inserts date], on the basis of
23an exemption available under the predecessor act.
SB483, s. 17
24Section
17. 552.01 (6) (c) of the statutes is amended to read:
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1552.01
(6) (c) Whose equity securities of any class are or have been registered
2under ch. 551 or predecessor laws, or are registered under section 12 of the securities
3exchange act of 1934 or which is an entity identified in s.
551.22 (3), (4) or (5) 551.201
4(3); and
SB483, s. 18
5Section
18. 552.05 (2) (intro.) of the statutes is amended to read:
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552.05
(2) (intro.) The registration statement shall be filed on forms prescribed
7by the division, and shall be accompanied by a consent by the offeror to service of
8process specified in s.
551.65 (1) 551.611 and the filing fee specified in s. 552.15 (1),
9and shall contain the following information and such additional information as the
10division by rule prescribes:
SB483, s. 19
11Section
19. 560.036 (1) (fm) 2. of the statutes is amended to read:
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560.036
(1) (fm) 2. It serves as a manager, comanager or in any other
13underwriting capacity with regard to the sale of evidences of indebtedness or other
14obligations or as a broker-dealer as defined in s.
551.02 (3) 551.102 (4).
SB483, s. 20
15Section
20. 611.76 (11) of the statutes is amended to read:
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611.76
(11) Security regulation. The filing with the division of securities of
17a certified copy of the plan of conversion as approved by the commissioner constitutes
18registration under s.
551.27 551.305 of the securities authorized to be issued
19thereunder.
SB483, s. 21
20Section
21. 644.22 of the statutes is amended to read:
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21644.22 Securities regulation. A membership interest in a domestic mutual
22holding company shall not constitute a security, as defined in s.
551.02 (13) 551.102
23(28).
SB483, s. 22
24Section
22. 893.66 (3) of the statutes is amended to read:
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1893.66
(3) This section does not apply to actions subject to s.
551.59 (5) 551.509
2(10) or 553.51 (4).
SB483, s. 23
3Section
23. 946.79 (1) (a) of the statutes is amended to read:
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946.79
(1) (a) "Financial institution" means a bank, savings bank, savings and
5loan association, credit union, loan company, sales finance company, insurance
6premium finance company, community currency exchange, seller of checks,
7insurance company, trust company, securities broker-dealer, as defined in s.
551.02
8(3) 551.102 (4), mortgage banker, mortgage broker, pawnbroker, as defined in s.
9134.71 (1) (e), telegraph company, or dealer in precious metals, stones, or jewels.
SB483, s. 24
10Section
24. 946.82 (4) of the statutes is amended to read:
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946.82
(4) "Racketeering activity" means any activity specified in
18 USC 1961 12(1) in effect as of April 27, 1982, or the attempt, conspiracy to commit, or commission
13of any of the felonies specified in: chs. 945 and 961
, subch. V of ch. 551, and ss. 49.49,
14134.05, 139.44 (1), 180.0129, 181.0129, 185.825, 201.09 (2), 215.12, 221.0625,
15221.0636, 221.0637, 221.1004,
551.41, 551.42, 551.43, 551.44, 553.41 (3) and (4),
16553.52 (2), 940.01, 940.19 (4) to (6), 940.20, 940.201, 940.203, 940.21, 940.30,
17940.305, 940.31, 941.20 (2) and (3), 941.26, 941.28, 941.298, 941.31, 941.32, 942.09,
18943.01 (2), (2d), or (2g), 943.011, 943.012, 943.013, 943.02, 943.03, 943.04, 943.05,
19943.06, 943.10, 943.20 (3) (bf) to (e), 943.201, 943.203, 943.23 (1g), (2) and (3), 943.24
20(2), 943.27, 943.28, 943.30, 943.32, 943.34 (1) (bf), (bm), and (c), 943.38, 943.39,
21943.40, 943.41 (8) (b) and (c), 943.50 (4) (bf), (bm), and (c), 943.60, 943.70, 943.76,
22943.81, 943.82, 943.83, 943.84, 943.85, 943.86, 943.87, 943.88, 943.89, 943.90, 944.21
23(5) (c) and (e), 944.32, 944.33 (2), 944.34, 945.03 (1m), 945.04 (1m), 945.05 (1), 945.08,
24946.10, 946.11, 946.12, 946.13, 946.31, 946.32 (1), 946.48, 946.49, 946.61, 946.64,
25946.65, 946.72, 946.76, 946.79, 947.015, 948.05, 948.08, 948.12, and 948.30.
SB483, s. 25
1Section
25. 972.085 of the statutes is amended to read:
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2972.085 Immunity; use standard. Immunity from criminal or forfeiture
3prosecution under ss. 13.35, 17.16 (7), 77.61 (12), 93.17, 111.07 (2) (b), 128.16, 133.15,
4139.20, 139.39 (5), 195.048, 196.48,
551.56 (3) 551.602 (5), 553.55 (3), 601.62 (5),
5767.87 (4), 885.15, 885.24, 885.25 (2), 891.39 (2), 968.26, 972.08 (1) and 979.07 (1) and
6ch. 769, provides immunity only from the use of the compelled testimony or evidence
7in subsequent criminal or forfeiture proceedings, as well as immunity from the use
8of evidence derived from that compelled testimony or evidence.
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(1) This act takes effect on January 1, 2009.