AB816,16,11 49.857 (1) (d) 12. A license or certificate of registration issued under ss. 138.09, 138.12, 217.06, 218.0101 to 218.0163, 218.02, 218.04, 218.05, 224.72, 224.93 or subch. III IV of ch. 551.

AB816, s. 10 Section 10. 73.0301 (1) (d) 6. of the statutes is amended to read:

AB816,16,16 73.0301 (1) (d) 6. A license or certificate of registration issued by the department of financial institutions, or a division of it, under ss. 138.09, 138.12, 217.06, 218.0101 to 218.0163, 218.02, 218.04, 218.05, 224.72, 224.93 or under subch. III IV of ch. 551.

AB816, s. 11 Section 11. 183.1303 of the statutes is amended to read:

AB816,16,20 183.1303 Securities law application. An interest in a limited liability company may be a security, as defined in ss. 551.02 (13) (b) and (c) specified in s. 551.102 (28) (e).

AB816, s. 12 Section 12. 226.14 (8) of the statutes is amended to read:

AB816,16,24 226.14 (8) Every such trust issuing or selling, or offering for sale, beneficial certificates in this state, shall be subject to the any applicable restrictions and limitations provided in ch. 551.

AB816, s. 13 Section 13. 227.54 of the statutes, as affected by 2007 Wisconsin Act 20, is amended to read:

AB816,17,6 227.54 Stay of proceedings. The institution of the proceeding for review shall not stay enforcement of the agency decision. The reviewing court may order a stay upon such terms as it deems proper, except as otherwise provided in ss. 49.17 (7), 96.43, and 448.02 (9) and 551.62.

AB816, s. 14 Section 14. 421.202 (8) of the statutes is amended to read:

AB816,17,10 421.202 (8) Transactions in securities accounts or securities transactions by or with a broker-dealer, as defined in s. 551.02 (3), licensed 551.102 (4), registered under ch. 551.

AB816, s. 15 Section 15. 422.501 (2) (b) 7. of the statutes is amended to read:

AB816,17,14 422.501 (2) (b) 7. A broker-dealer or agent licensed registered under s. 551.31 551.406 if the broker-dealer or agent is acting within the course and scope of that license.

AB816, s. 16 Section 16. Chapter 551 of the statutes is repealed and recreated to read:

AB816,17,16 CHAPTER 551

AB816,17,17 WISCONSIN UNIFORM SECURITIES LAW

AB816,17,18 SUBCHAPTER I

AB816,17,19 GENERAL PROVISIONS

AB816,17,21 551.101 Short title. This chapter shall be known and may be cited as the "Wisconsin Uniform Securities Law."

AB816,17,22 551.102 Definitions. In this Chapter, unless the context otherwise requires:

AB816,17,24 (1m) "Administrator" means the administrator of the division of securities in the department of financial institutions.

AB816,18,7 (2) "Agent" means an individual, other than a broker-dealer, who represents a broker-dealer in effecting or attempting to effect purchases or sales of securities or represents an issuer in effecting or attempting to effect purchases or sales of the issuer's securities. But a partner, officer, or director of a broker-dealer or issuer, or an individual having a similar status or performing similar functions, is an agent only if the individual otherwise comes within the term. The term does not include an individual excluded by rule adopted or order issued under this chapter.

AB816,18,8 (3) "Bank" means any of the following:

AB816,18,9 (a) A banking institution organized under the laws of the United States.

AB816,18,10 (b) A member bank of the Federal Reserve System.

AB816,18,17 (c) Any other banking institution, whether incorporated or not, doing business under the laws of a state or of the United States, a substantial portion of the business of which consists of receiving deposits or exercising fiduciary powers similar to those permitted to be exercised by national banks under the authority of the Comptroller of the Currency pursuant to section 1 of Public Law 87-722 (12 USC 92a), and which is supervised and examined by a state or federal agency having supervision over banks, and which is not operated for the purpose of evading this chapter.

AB816,18,19 (d) A receiver, conservator, or other liquidating agent of any institution or firm included in par. (a), (b), or (c).

AB816,18,22 (4) "Broker-dealer" means a person engaged in the business of effecting transactions in securities for the account of others or for the person's own account. The term does not include any of the following:

AB816,18,23 (a) An agent.