Section 4.03. Broker-dealers' records.

 

(1)  Every registered broker-dealer shall prepare and keep current at its principal office the books and records as described in rules 17a-3 and 17a-4 under the securities exchange act of 1934.

(2)  Every registered broker-dealer shall preserve the records required under sub. (1) according to the schedule provided in rule 17a-4 under the securities exchange act of 1934 in compliance with the requirements of the U.S. securities and exchange commission concerning preservation and microfilming of records or other means of retention of records.

(3)  Every branch office of a registered broker-dealer, as defined under s. DFI-Sec 1.02 (7) , shall prepare and keep current the branch office books and records as described in rule 17a-3(f) under the securities exchange act of 1934.

(4)  Every registered broker-dealer shall preserve the branch office records required under sub. (3) according to the schedule provided in rule 17a-4(k) under the securities exchange act of 1934 in compliance with the requirements of the U.S. securities and exchange commission concerning preservation and microfilming of records or other means of retention of records.

(5)  This section does not require a registered broker-dealer to make and keep such records of transactions cleared for the licensee [registrant] by another broker-dealer as are customarily made and kept by the clearing broker-dealer.

(6)  The division may by order exempt any broker-dealer from all or part of the requirements of this section, either unconditionally or upon specified conditions, if by reason of the special nature of its business, the division finds the issuance of the order is necessary or appropriate in the public interest or for the protection of investors.

History: Cr. Register, December, 1977, No. 264 , eff. 1-1-78; am. (3) (intro) and cr. (3) (d), Register, September, 1978, No. 273 , eff. 10-1-78; r. and recr. (1) (p), Register, December, 1979, No. 288 , eff. 1-1-80; am. (1) (c), (d) 4., (e), (j), (k), (2), (3) (intro.), (a) and (b), (4) to (6), r. and recr. (1) (l), renum. (1) (m) to (p) to be (1) (n) to (q), (3) (c) and (d) to be (3) (d) and (e) and am., cr. (1) (r) and (3) (c), (1) (s) renum. from SEC 4.05 (9), Register, December, 1980, No. 300 , eff. 1-1-81; am. (1) (r) and (4), Register, December, 1981, No. 312 , eff. 1-1-82; r. (1) (s), am. (2), (3) (a) and (e), Register, December, 1982, No. 324 , eff. 1-1-83; am. (1) (b) and (2), Register, December, 1983, No. 336 , eff. 1-1-84; am. (1) (r), (2) and (4), Register, December, 1984, No. 348 , eff. 1-1-85; am. (1) (r), Register, December, 1985, No. 360 , eff. 1-1-86; am. (2), Register, December, 1986, No. 372 , eff. 1-1-87; am. (1) (intro.) and cr. (1) (s), Register, December, 1987, No. 384 , eff. 1-1-88; am. (1) (j), Register, December, 1989, No. 408 , eff. 1-1-90; am. (3) (intro.), Register, December, 1991, No. 432 , eff. 1-1-92; am. (1) (intro.), (r) 2., (2) and (3) (e), Register, December, 1992, No. 444 , eff. 1-1-93; renum. (2) to (2) (a) and am., cr. (2) (b), Register, December, 1994, No. 468 , eff. 1-1-95; am. (3) (c), renum. (6) to be (7), cr. (6), Register, December, 1995, No. 480 , eff. 1-1-96; am (1) (j), Register, December, 2000, No. 540 , eff. 1-1-01 ; correction in (1) (p) made under s. 13.93 (2m) (b) 7., Stats., Register August 2002 No. 560 ; CR 03-068 : r. and recr. (1) to (4), r. (6), renum. (7) to be (6) Register November 2003 No. 575 , eff. 12-1-2003; CR 08-077 : am. (1) to (5) Register December 2008 No. 636 , eff. 1-1-09; correction in (3) made under s. 13.92 (4) (b) 7., Stats., Register December 2008 No. 636 .