Section 3.07. Extension of registration statements.

 

(1)  Application for an extension of the offering period of a registration statement, except one relating to securities of a finance company registered under s. 138.09 , Stats., shall be filed in the form prescribed by the division not less than 30 days prior to the end of one year from the effective date of the registration statement or an extended period of effectiveness for the registration statement, whichever is most recent. The application shall be accompanied by a prospectus updated in accordance with s. DFI-Sec 3.03 (6) , a balance sheet of the issuer as of the end of its most recent fiscal year, and a comparative statement of income and changes in financial position and analysis of surplus for each of the 3 most recent fiscal years (or for the period of the issuer's and any predecessor's existence if less than 3 years), all meeting the requirements of s. DFI-Sec 7.06 , provided that if the date of any of the above financial statements is more than 120 days (180 days with respect to a corporation organized and operated not for private profit but exclusively for religious, educational, benevolent or charitable purposes) prior to the date of the extension of the registration statement, the statements shall be updated (which may be done without audit) to within the 120-day or 180-day requirement above. If no order specifying a different effectiveness period is in effect, renewal of the registration statement becomes effective on the day on which the prior registration statement expires or at such earlier time as the division determines.

(2)  A registration statement relating to securities of a finance company registered [licensed] under s. 138.09 , Stats., is deemed to include an application for the continuous offering of the securities. The offering period of the registration statement is automatically extended until it is permitted to be withdrawn or the division issues a stop order suspending or revoking its effectiveness pursuant to s. 551.306 , Stats., if the issuer files with the division not less than annually during the offering period, within 120 days of the end of its fiscal year, a prospectus updated in accordance with s. DFI-Sec 3.03 (6) , a balance sheet of the issuer as of the end of the fiscal year, and a statement of income and change in financial position and analysis of surplus of the issuer for the fiscal year meeting the requirements of s. DFI-Sec 7.06 .

Cr. Register, December, 1969, No. 168 , eff. 1-1-70; r. and recr. Register, August, 1972, No. 200 , eff. 9-1-72; am. Register, October, 1974, No. 226 , eff. 11-1-74; renum. from SEC 2.08, am. (1) and (2), Register, December, 1977, No. 264 , eff. 1-1-78; emerg. am. eff. 6-19-78; am. Register, September, 1978, No. 273 , eff. 10-1-78; am. (1) and (2), Register, December, 1980, No. 300 , eff. 1-1-81; am. (2), Register, December, 1984, No. 348 , eff. 1-1-85; am. Register, December, 1985, No. 360 , eff. 1-1-86; am. (2), Register, December, 1989, No. 408 , eff. 1-1-90 ; am. (1), Register, December, 1994, No. 468 , eff. 1-1-95; renum. from SEC 3.27, Register, December, 1996, No. 492 , eff. 1-1-97; am. Register, December, 1998, No. 516 , eff. 1-1-99; CR 08-077 : am. Register December 2008 No. 636 , eff. 1-1-09.

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