Section 5.04. Reporting requirements.

 

(1)  Every investment adviser shall file with the division immediate notice via facsimile or other electronic means whenever the net worth of the investment adviser is less than is required under s. DFI-Sec 5.02 (1) , specifying the amount of net worth on the date of the notice and the steps the investment adviser has taken or will take to come into compliance.

(2)  Each investment adviser shall file with the division a copy of any complaint related to its business, transactions, or operations in this state, naming the investment adviser or any of its partners, officers or investment adviser representatives 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 is served on the investment adviser; a copy of any answer or reply to the complaint filed by the investment adviser within 10 days of the date the answer or reply is filed; and a copy of any decision, order or sanction made with respect to any such proceeding within 20 days of the date the decision, order or sanction is rendered.

(3)  

(a) Except as provided in subs. (2) and (4) , each investment adviser 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 investment adviser's most recent application for registration, in an amendment to Form ADV filed with the division within 30 days of the date of the change.

(b) Each investment adviser shall file a complete, updated Form ADV with the investment adviser registration depository within 90 days of the end of its fiscal year.

(c) Each investment adviser representative and his or her employing investment adviser or federal covered investment adviser shall update information contained in an investment adviser representative's application by filing an amendment to Form U-4 with the central registration depository within 30 days of the date of the event that requires filing of the amendment.

(4)  Each investment adviser shall notify the division in writing within 10 days from the first date the person who is the designated supervisor under s. DFI-Sec 5.05 (7) no longer is acting in that capacity. The notification shall either identify a substituted designated supervisor or undertake to identify to the division in writing a substituted designated supervisor within the 45 day period provided under s. DFI-Sec 5.05 (7) .

(5)  

(a) Each investment adviser 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 investment adviser shall notify the division in writing at least 14 days after the closing in this state of any branch office as defined in s. DFI-Sec 1.02 (7) .

(c) The notification provided to the division under par. (a) or (b) shall be made through the investment adviser registration depository for registered investment advisers. Federal covered investment advisers shall provide the notification directly to the division.

(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) .

(6)  Each investment adviser shall file a branch office renewal notice annually under par. (a) or (b) , as applicable.

(a) Through the investment adviser registration depository for registered investment advisers;

(b) Directly with the division for federal covered investment advisers, not later than December 1.

Cr. Register, December, 1977, No. 264 , eff. 1-1-78; am. (2) to (4), Register, December, 1980, No. 300 , eff. 1-1-81; am. (1) and cr. (1) (b), Register, December, 1982, No. 324 , eff. 1-1-83; cr. (5), Register, December, 1989, No. 408 , eff. 1-1-90; am. (1) (a), r. and recr. (3), r. (4), renum. (5) to be (4), Register, December, 1990, No. 420 , eff. 1-1-91; am. (1) (a), cr. (5) and (6), Register, December, 1991, No. 432 , eff. 1-1-91 ; am. (1) (a), cr. (1) (c), Register, December, 1994, No. 468 , eff. 1-1-95; r. and recr. (1), Register, December, 1995, No. 480 , eff. 1-1-96; am. (1), cr. (7) and (8), Register, December, 1998, No. 516 , eff. 1-1-99; am. (1), Register, December, 1999, No. 528 , eff. 1-1-00; CR 01-082 : am. (5) (a), Register December 2001 No. 552 , eff. 1-1-02; CR 02-102 : r. (7) and (8), Register December 2002 No. 564 , eff. 1-1-03; CR 08-077 : am. (1), (5) (a) and (b), renum. (3) to be (3) (a) and am., (3) (b) and (c) renum. from DFI-Sec 5.01 (2) (d) 2. and 3. and am. (3) (c), r. and recr. (5) (c) and (6) Register December 2008 No. 636 , eff. 1-1-09; CR 10-062 : cr. (5) (d), am. (6) (b) Register September 2010 No. 657 , eff. 10-1-10 .