Section 7.03. Civil liabilities.

 

(1)  For purposes of s. 551.509 (2) and (3) , Stats., any person who places an order or effects a transaction involving the purchase or sale of a security for the account of a customer pursuant to discretionary authority is deemed to be offering or selling or purchasing a security.

(3)  Every rescission offer made pursuant to s. 551.511 (1) , Stats., shall include, in addition to the information specified in that subsection, the price at which the security was sold or purchased, the price of the security on the date the offer is made and such additional information as the division may require in connection with specific offers.

(4)  The division may require any person named in any administrative order issued under s. 551.604 , Stats., to satisfy any civil liabilities arising under s. 551.509 , Stats., in connection with the matters set forth in the order, prior to registering any securities offered for sale by the person or registering the person as a broker-dealer, agent, investment adviser or investment adviser representative.

History: Cr. Register, December, 1969, No. 168 , eff. 1-1-70; cr. (4), Register, August, 1972, No. 200 , eff. 9-1-72; renum. to be 7.03, Register, December, 1977, No. 264 , eff. 1-1-78; am. (2) to (4), Register, December, 1980, No. 300 , eff. 1-1-81, am. (2), Register, December, 1983, No. 336 , eff. 1-1-84; CR 08-077 : am. (1), (3) and (4), r. (2) Register December 2008 No. 636 , eff. 1-1-09.