Section 4.04. Reporting requirements.

 

(1)  

(a) Except as provided in pars. (b) and (c) , each broker-dealer shall file annually with the division within 60 days from the end of its fiscal year a copy of its annual financial statement in the form specified in rule 17a-5 under the securities exchange act of 1934, accompanied by a computation of its net capital using the formula specified in rule 15c3-1 under the securities exchange act of 1934.

(b) The filing requirement in par. (a) is not applicable to any broker-dealer registered under the securities exchange act of 1934 if the broker-dealer is not delinquent in the filing of its annual financial statements with the U.S. securities and exchange commission under rule 17a-5 of the securities exchange act of 1934.

(c) The deadline established under par. (a) for a broker-dealer to file its annual financial statement shall be extended for an additional 30 days upon the broker-dealer filing with the division before the deadline date, a written request for an additional 30 days to file its annual financial statement.

(2)  Each broker-dealer shall file with the division a copy of every complaint or equivalent pleading related to its business, transactions, or operations in this state, naming the broker-dealer or any of its partners, officers or agents as defendants in any civil or criminal proceeding, or in any administrative or disciplinary proceeding by any public or private regulatory agency, within 20 days of the date the complaint or equivalent pleading is served on the broker-dealer, or the broker-dealer otherwise receives notice thereof; a copy of every answer or reply thereto within 10 days of the date it is filed; and a copy of the decision, order, or sanction made with respect to the proceeding within 20 days of the date the decision, order, or sanction is rendered.

(3)  Except as provided in subs. (2) and (8) , each broker-dealer shall file with the division any notice of change of control or change of name, as well as any material change in the information included in the broker-dealer's most recent application for registration, in an amendment to Form BD filed with the central registration depository within 30 days of the date of the change.

(4)  Every broker-dealer shall file with the division the following reports concerning its net capital and aggregate indebtedness:

(a) Immediate electronic or written notice whenever the net capital of the broker-dealer is less than is required under s. DFI-Sec 4.02 (1) , specifying the respective amounts of its net capital and aggregate indebtedness on the date of the notice;

(b) A copy of every report or notice required to be filed by the broker-dealer pursuant to rule 17a-11 under the securities exchange act of 1934, contemporaneous with the date of filing with the U.S. securities and exchange commission.

(5)  Each broker-dealer shall give immediate electronic or written notice to the division of the theft or disappearance of any Wisconsin customers' securities or funds that are in the custody or control of any of its offices, whether within or outside this state, stating all material facts known to it concerning the theft or disappearance.

(6)  Each broker-dealer shall file with the division a copy of any subordination agreement relating to the broker-dealer, within 10 days after the agreement has been entered, unless prior thereto the broker-dealer has filed a copy of the agreement with a national securities exchange or association of which it is a member.

(7)  

(a) Each broker-dealer shall notify the division in writing within 14 days of either the opening or the change of address in this state of any "branch office" as defined in s. DFI-Sec 1.02 (7) .

(b) Each broker-dealer shall notify the division in writing not later than 14 days after the closing in this state of any "branch office" as defined in s. DFI-Sec 1.02 (7) , which notice shall specify the effective date of the closing.

(c) The notification required to be provided to the division under par. (a) or (b) shall be made electronically on Form BR via the central registration depository by broker-dealers eligible to file electronically, and shall be made directly with the division by broker-dealers that are not eligible to file electronically with the central registration depository.

(d) The notice filed for a branch opening pursuant to par. (a) is deemed filed in accordance with par. (c) upon receipt by the division of the appropriate filing fee and any late filing fee due pursuant to s. DFI-Sec 7.01 (6) (d) .

(8)  Each broker-dealer shall file a branch office renewal notice annually with the central registration depository by broker-dealers eligible to file electronically, and shall be made directly with the division by broker-dealers that are not eligible to file electronically with the central registration depository.

History: Cr. Register, December, 1977, No. 264 , eff. 1-1-78; am. (1) and (3), Register, December, 1979, No. 288 , eff. 1-1-80; am. (4), (5), (8) and (9), Register, December, 1980, No. 300 , eff. 1-1-81; am. (1) and (7), cr. (1) (b), Register, December, 1982, No. 324 , eff. 1-1-83; am. (1) (a), Register, December, 1983, No. 336 , eff. 1-1-84; r. and recr. (1) (a), renum. (1) (b) to be (1) (c), cr. (1) (b) and am. (9), Register, December, 1984, No. 348 , eff. 1-1-85; cr. (10), Register, December, 1985, No. 360 , eff. 1-1-86; r. and recr. (3), Register, December, 1989, No. 408 , eff. 1-1-90; r. and recr. (4), r. (5), renum. (6) to (10) to be (5) to (9), Register, December, 1990, No. 420 , eff. 1-1-91; renum. (8) to be (8) (a) and am., cr. (8) (b) and (c), Register, December, 1991, No. 432 , eff. 1-1-92 ; renum. (4) to be (4) (a), cr. (4) (b), Register, December, 1994, No. 468 , eff. 1-1-95; am. (8) (b), Register, December, 1995, No. 480 , eff. 1-1-96 ; am. (2), Register, December, 1996, No. 492 , eff. 1-1-97; reprinted to correct printing error in (1) (a), Register, April, 1998, No. 508 ; am. (5) (a) and (6), Register, December, 1999, No. 528 , eff. 1-1-00; CR 01-082 : am. (8) (a), Register December 2001 No. 552 , eff. 1-1-02; CR 02-102 : r. (3), renum. (4) to (9) to be (3) to (8) and am. (3) (a), Register December 2002 No. 564 , eff. 1-1-03; CR 08-077 : renum. (3) (a) to be (3) and am., r. (3) (b), r. and recr. (7) (c) and (8) Register December 2008 No. 636 , eff. 1-1-09; corrections in (7) (a) and (b) made under s. 13.92 (4) (b) 7. , Stats., Register December 2008 No. 636 ; CR 10-062 : cr. (7) (d) Register September 2010 No. 657 , eff. 10-1-10 .