Section 4.10. Registration exemptions.

 

(1)  For purposes of ss. 551.401 (2) (h) and 551.402 (2) (i) , Stats., a broker-dealer or agent is exempt from the registration requirement if the broker-dealer's or agent's only transactions effected in this state are with:

(a) This state or any of its agencies or political subdivisions or the state investment board.

(b) The federal government or any of its agencies or instrumentalities.

(2)  For purposes of s. 551.402 (2) , Stats., an agent is exempt from the registration requirement if the agent represents an issuer in effecting transactions in a security exempted by s. 551.201 , Stats.

(3)  A person who gives a group presentation relating to an issuer or the securities of an issuer at a meeting or seminar sponsored by a broker-dealer registered under this chapter is not required to register as an agent if the person makes no solicitations, offers or sales of the issuer's securities on an individual basis with any person in this state and if the person does not in any other way transact business in this state as an agent.

(4)  

(a) A broker-dealer that is registered in good standing in Canada and that does not have a place of business in this state is exempt from registration if it complies with all of the requirements of s. 551.401 (4) (a) , Stats., and discloses to each customer in this state that the broker-dealer and its agents are not registered under ch. 551 , Stats.

(b) An agent of a broker-dealer located in Canada that is exempt from registration on the basis of compliance with s. 551.401 (4) (a) , Stats., is exempt from the registration requirement in s. 551.402 , Stats.

History: Cr. Register, December, 1977, No. 264 , eff. 1-1-78; am. (1) (b), (2) and (3), Register, December, 1980, No. 300 , eff. 1-1-81; emerg. am. (1) (intro.), renum. (1) (a) and (b) to be (1) (c) and (d), cr. (1) (a) and (b) and (4), eff. 4-15-83; renum. (1) (a) and (b) to be (1) (c) and (d), cr. (1) (a) and (b) and (4), Register, August, 1983, No. 332 , eff. 9-1-83; am. (4) (a), Register, December, 1984, No. 348 , eff. 1-1-85 ; am. (1) (d), (2), Register, December, 1996, No. 492 , eff. 1-1-97; CR 02-041 : renum. (1) to (4) to be (1) (a) to (d), cr. (2) Register August 2002 No. 560 , eff. 9-1-02; correction in (1) (a) 1. made under s. 13.93 (2m) (b) 7., Stats., Register August 2002 No. 560 ; CR 02-102 : am. (1) (d) 1., Register, December 2002 No. 564 , eff. 1-1-03; CR 08-077 : r. and recr. Register December 2008 No. 636 , eff. 1-1-09.