DFI-Sec 2.02(9)(L)2.
2. The share of beneficial interest had been sold in the secondary market by a public holder of the share after the initial public offering of shares by the trust had been completed.
DFI-Sec 2.02(9)(n)
(n) Any offer or sale of a security by an issuer in a transaction that meets each of the following requirements based on the North American Securities Administrators Association Model Accredited Investor Exemption:
DFI-Sec 2.02(9)(n)1.
1. Sales of the securities shall be made only to persons who are accredited investors as defined in
17 CFR 230.501(a), or who the issuer reasonably believes are accredited investors.
DFI-Sec 2.02(9)(n)2.
2. The exemption is not available to an issuer that is in the development stage that either has no specific business plan or purpose or had indicated that its business plan is to engage in a merger or acquisition with an unidentified company or companies, or other entity or person.
DFI-Sec 2.02(9)(n)3.
3. The issuer reasonably believes that all purchasers are purchasing for investment and not with the view to or for sale in connection with a distribution of the security. Any resale of a security sold in reliance on this exemption within 12 months of sale shall be presumed to be with a view to distribution and not for investment, except a resale pursuant to a registration statement effective under s.
551.303 or
551.304, Stats., or to an accredited investor pursuant to an exemption available under
ch. 551, Stats.
DFI-Sec 2.02(9)(n)4.
4. Neither the issuer, any of the issuer's predecessors, any affiliated issuer, any of the issuer's officers, directors, general partners, beneficial owners of 10% or more of any class of its equity securities, any of the issuer's promoters presently connected with the issuer in any capacity, nor any broker-dealer or agent offering or selling the securities is or would be disqualified under
s. DFI-Sec 2.029 (3) (a) 1. to
4., absent an applicable waiver under
s. DFI-Sec 2.029 (3) (b), and with the timing of the disqualification events described in
s. DFI-Sec 2.029 (3) (a) computed for purposes of this exemption from the date of the filing under
subd. 9. of this section.
DFI-Sec 2.02(9)(n)5.
5. A general announcement of the proposed offering may be made by any means, which shall include each of the following information items only, except as provided in
subd. 6., and unless additional information is specifically permitted by the division:
DFI-Sec 2.02(9)(n)5.e.
e. The name, address and telephone number of the person to contact for additional information; and
DFI-Sec 2.02(9)(n)5.f.
f. A statement disclosing that sales will only be made to accredited investors, that no money or other consideration is being solicited or will be accepted by way of this general announcement, and that the securities have not been registered with or approved by any state securities agency or the U.S. securities and exchange commission and are being offered and sold pursuant to an exemption from registration.
DFI-Sec 2.02(9)(n)6.
6. The issuer, in connection with an offer, may provide information in addition to the general announcement under
subd. 5., if the information meets either of the following requirements of this subdivision:
DFI-Sec 2.02(9)(n)6.a.
a. The information is delivered through an electronic database that is restricted to persons who have been prequalified as accredited investors; or
DFI-Sec 2.02(9)(n)6.b.
b. The information is delivered after the issuer reasonably believes that the prospective purchaser is an accredited investor.
DFI-Sec 2.02(9)(n)7.
7. No telephone solicitation shall be permitted unless prior to placing the call, the issuer reasonably believes that the prospective purchaser to be solicited is an accredited investor.
DFI-Sec 2.02(9)(n)8.
8. Dissemination of the general announcement of the proposed offering to persons who are not accredited investors shall not disqualify the issuer from claiming the exemption under this rule.
DFI-Sec 2.02(9)(n)9.
9. The issuer shall file with the division within 15 days after the first sale in this state in reliance on this exemption, a copy of the general announcement, a consent to service of process, a fee of $200, and a completed Form AI as prescribed in
s. DFI-Sec 9.01 (1) (e) for use of this exemption.
DFI-Sec 2.02(9)(o)
(o) Pursuant to s.
551.203, Stats., a transactional securities registration exemption is available for the sale of any outstanding security by or on behalf of a person not the issuer and not in control of the issuer or controlled by the issuer or under common control with the issuer at a price reasonably related to the current market price if the issuer or an applicant files with the division prior to the offering a notice of the proposed sale, including: the prospectus used in the most recent offering of the securities proposed to be sold; a copy of the issuer's articles of incorporation and by-laws, or equivalents, as currently in effect; any information specified in
ss. DFI-Sec 3.02 and
3.03, and not contained in the filed prospectus; the trust indenture, if any, under which the securities proposed to be sold are issued; the information concerning the public market for the security; a balance sheet of the issuer as of the end of the last fiscal year of the issuer preceding the date of filing and statements of income and changes in financial position and analysis of surplus for such fiscal year meeting the requirements of
s. DFI-Sec 7.06; an undertaking to file with the division within 120 days (180 days with respect to a corporation organized and operated not for private profit but exclusively for religious, educational, benevolent or charitable purpose) after the end of each fiscal year of the issuer comparable financial statements of the issuer for each such fiscal year; and an undertaking to furnish the division with a written report within 30 days after the happening of any material event affecting the issuer or the securities proposed to be sold. The exemption, unless disallowed by order of the division within 10 days, is effective so long as the information required to be furnished is kept current.
DFI-Sec 2.02 History
History: Cr.
Register, December, 1969, No. 168, eff. 1-1-70; r. and recr.
Register, August, 1972, No. 200, eff. 9-1-72; emerg. cr. (11), eff. 11-4-75; cr. (11),
Register, February, 1976, No. 242, eff. 3-1-76. Am. (1) (a), (3) (a), and (b), (5) and (6), renum. (9) (10) and (11) to be (10), (11) and (9), am. (9) (10) (intro.) and (11) (a) and (e), r. and recr. (10) (b), cr. (11) (f) and (g),
Register, December, 1977, No. 264, eff. 1-1-78; am. (6) (b) and (d) 1.,
Register, September, 1978, No. 273, eff. 10-1-78; am. (5) (c), (6) (b) and (11) (f) 6.,
Register, December, 1979, No. 288, eff. 1-1-80; am. (1) (b), (2) and (3) (a) and (b), r. (4), renum. (5) to (11) to be (4) to (10), and am. (5) (a), (c), and (d) 1., (6), (9) and (10),
Register, December, 1980, No. 300, eff. 1-1-81; cr. (9) (c) and am. (10) (d),
Register, December, 1981, No. 312, eff. 1-1-82; emerg. cr. (10) (h), eff. 5-1-82; cr. (10) (h),
Register, September, 1982, No. 321, eff. 10-1-82; am. (3) (a) and (5) (d) 1., cr. (10) (i),
Register, December, 1982, No. 324, eff. 1-1-83; cr. (10) (j),
Register, August, 1983, No. 332, eff. 9-1-83; am. (1) (a), (5) (d) 1. and (10) (b),
Register, December, 1983, No. 336, eff. 1-1-84; emerg. r. (10) (j), eff. 1-1-84; r. (10) (j),
Register, May, 1984, No. 341, eff. 6-1-84; am. (10) (g),
Register, December, 1984, No. 348, eff. 1-1-85; am. (3) (b) and (10) (f) 4.,
Register, December, 1985, No. 360, eff. 1-1-86; emerg. am. (10) (g) 1., eff. 1-1-86; cr. (10) (j),
Register, March, 1986, No. 363, eff. 4-1-86; am. (10) (g) 1.,
Register, May, 1986, No. 365, eff. 6-1-86; am. (1) (a) and (9) (c), cr. (10) (k),
Register, December, 1986, No. 372, eff. 1-1-87; am. (10) (j),
Register, December, 1987, No. 384, eff. 1-1-88; r. and recr. (4) (c), am. (10) (j), cr. (10) (l) and (m),
Register, December, 1988, No. 396, eff. 1-1-89; am. (4) (c) (intro.), 1. and 2. (intro.), (5) (c) and (d) 3.,
Register, December, 1989, No. 408, eff. 1-1-90; r. (6), renum. (4) (d), (7) to (10) to be (4) (e) and (6) to (9) and am. (9) (f) 6., cr. (4) (d),
Register, December, 1991, No. 432, eff. 1-1-92; reprinted to correct error in (4) (d) 4.,
Register, February, 1992, No. 434; am. (4) (d) 4. and (6), renum. (4) (e) to be (4) (f), cr. (4) (e),
Register, December, 1992, No. 444, eff. 1-1-93; cr. (4) (g),
Register, May, 1994, No. 461, eff. 6-1-94; r. (4) (d) 1. to 5., renum. (4) (d) (intro.) to be (4) (d) and am., am. (5) (a), (9) (c), (f) 2., cr. (9) (n),
Register, December, 1994, No. 468, eff. 1-1-95; am. (1) (a), (4) (c) 2., (5) (d) 1., cr. (4) (h), (9) (n), r. and recr. (5) (d) 2., r. (5) (d) 3., (9) (i), renum. (9) (j) to (n) to be (9) (i) to (m) and am. (9) (h) and (L),
Register, December, 1995, No. 480, eff. 1-1-96; am. (5) (c), renum. (9) (f) (intro.), (m) and (n) to be (9) (f), (L) and (m) and am. (9) (f), r. (9) (f) 1. to 8., (L),
Register, December, 1996, No. 492, eff. 1-1-97; corrections in (3), (8) (c) and (g) made under s. 13.93 (2m) (b) 7., Stats.,
Register, March, 1997, No. 495; am. (9) (a) and (L),
Register, December, 1998, No. 516, eff. 1-1-99; am. (9) (a) and (L) (intro.),
Register, December, 1999, No. 528, eff. 1-1-00; am. (1) (intro.), (9) (c) and (m), renum. (4) (intro.) to (h) to be (4) (a) (intro.), 1. to 7. and (b),
Register, December, 2000, No. 540, eff. 1-1-01;
CR 01-083: am. (4) (a) 3. b., cr. (9) (n),
Register December 2001 No. 552, eff. 1-1-02;
CR 03-069: r. (4) (b), renum. (4) (a) 1. to 7. to be (4) (intro.), (a) to (g)
Register November 2003 No. 575, eff. 12-1-2003;
CR 08-077: am. (1) (intro.), (2), (5) (intro.), (d), (7) (a), (b), (9) (intro.), (a), (c), (g) (intro.), 1., (i), (j), (n) 3. and 4., r. (3) (intro.), (a), (4) (g), (5) (c), (6), (8), (9) (d) and (f), renum. (3) (b) to be (9) (o) and am., renum. (4) (intro.) to (f) to be DFI-Sec 1.02 (8) (intro.) to (f)
and am. (8) (intro.) and (e), cr. (9) (d)
Register December 2008 No. 636, eff. 1-1-09; correction in (9) (c) made under s. 13.92 (4) (b) 7., Stats.,
Register February 2009 No. 638;
CR 09-056: r. (9) (b) and (m)
Register December 2009 No. 648, eff. 1-1-10;
CR 10-062: am. (5) (d) 1. and (9) (c) Register September 2010 No. 657, eff. 10-1-10.
DFI-Sec 2.027
DFI-Sec 2.027 Exemption for solicitations of interest prior to registration or exemption. DFI-Sec 2.027(1)
(1) A transaction exemption is available under s.
551.203, Stats., for an offer, but not a sale, of a security made by or on behalf of an issuer pursuant to delivery of a written document or use of a newspaper publication or scripted media broadcast containing the information prescribed in the form in
s. DFI-Sec 9.01 (1) (c), for the sole purpose of soliciting an indication of interest from prospective purchasers in receiving a prospectus, private placement memorandum or equivalent disclosure document for the security, if the following conditions are satisfied, except to the extent that
sub. (2) is applicable.
DFI-Sec 2.027(1)(b)
(b) Not later than the date of the initial solicitation of interest made under this section, the offeror shall file with the division a completed solicitation of interest form as prescribed in
s. DFI-Sec 9.01 (1) (c), together with any other materials to be used to conduct solicitations of interest, including, but not limited to, the script of any broadcast to be made and a copy of any notice to be published. Material amendments to the solicitation of interest form or to any related materials used to conduct solicitations shall be filed with the division not later than the date of their first use. Any written document under this subsection may include a coupon, returnable to the issuer indicating interest in a potential offering, revealing the name, address and telephone number of the prospective purchaser.
DFI-Sec 2.027(1)(c)
(c) The text of any published notice or script for broadcast, and any printed material delivered in any solicitation of interest under this section, shall begin with the disclosures and information required in, and in the format of, the solicitation of interest form specified in
s. DFI-Sec 9.01 (1) (c).
DFI-Sec 2.027(1)(d)
(d) The offeror does not know, and in the exercise of reasonable care could not know, that any of the issuer's officers, directors, general partners, controlling persons or affiliates thereof are or would be disqualified from use of the registration exemption in
s. DFI-Sec 2.029 as a result of any of the causes specified in
s. DFI-Sec 2.029 (3) (a) 1. to
4. except for any person or persons subject to a disqualification who meets the conditions for waiver in
s. DFI-Sec 2.029 (3) (b) 1.
DFI-Sec 2.027(1)(e)
(e) Solicitations of interest pursuant to this section shall not be made after the filing of either a registration statement under
ch. 551, Stats., the filing of materials required for a claim of registration exemption under s.
551.202 or
551.203, Stats., or use of any available self-executing exemption under s.
551.202 or
551.203, Stats.
DFI-Sec 2.027(1)(f)
(f) Sales of the securities that are the subject of solicitations of interest under this section shall not be made until 20 calendar days after the last delivery of a solicitation of interest document or a radio or television broadcast or other media publication.
DFI-Sec 2.027(2)(a)(a) A failure to comply with any of the conditions in
sub. (1) will not result in the loss of the securities registration exemption under this section for any offer to a particular individual or entity if the offeror demonstrates each of the following are met:
DFI-Sec 2.027(2)(a)1.
1. The failure to comply did not pertain to a condition directly intended to protect that particular individual or entity; and
DFI-Sec 2.027(2)(a)2.
2. The failure to comply was insignificant with respect to the offering as a whole; and
DFI-Sec 2.027(2)(b)
(b) Where an exemption is established only through reliance upon this subsection, the failure to comply with the conditions in
sub. (1) (a) to
(f) shall constitute a basis for action that may be taken by the division under s.
551.603, Stats., and shall constitute a basis for action that may be taken by the division under s.
551.204, Stats., to deny or revoke the exemption as to a specific security or transaction.
DFI-Sec 2.027 History
History: Cr.
Register, December, 1995, No. 480, eff. 1-1-96; renum. from SEC 2.028 and am. (1) (c),
Register, December, 1996, No. 492, eff. 1-1-97;
CR 08-077: am. (1) (intro.), (a) 2., (d), (e) and (2) (b)
Register December 2008 No. 636, eff. 1-1-09.
DFI-Sec 2.028
DFI-Sec 2.028 Wisconsin issuer registration exemption by filing. If all of the following conditions are met, other than any condition or conditions waived by the division upon a showing of good cause, a transaction registration exemption is available under s.
551.203, Stats., for any offer or sale for cash of the equity securities of an issuer having, both before and upon completion of the offering, its principal office and a majority of the full-time employees located in this state:
DFI-Sec 2.028(1)
(1) The securities are sold to not more than 100 persons in this state, excluding:
DFI-Sec 2.028(1)(b)
(b) Members of the immediate family of an executive officer or director of the issuer who have the same permanent residence as the officer or director.
DFI-Sec 2.028(2)
(2) No commission or other remuneration is paid or given, directly or indirectly, for soliciting or selling to any person in this state in reliance on the exemption in this section except to broker-dealers and agents registered in this state.
DFI-Sec 2.028(3)
(3) Neither the issuer, its officers, directors, general partners, controlling persons or affiliates, nor any broker-dealer or agent offering or selling the securities is or would be disqualified under
s. DFI-Sec 2.029 (3).
DFI-Sec 2.028(4)
(4) The aggregate offering price of the securities sold in the offering to persons in Wisconsin pursuant to this exemption does not exceed $5,000,000, provided that the issuer has not made other offerings in Wisconsin pursuant to this exemption that would meet the criteria for being integrated with the offering under Rule 502 (a) of Regulation D under the securities act of 1933.
DFI-Sec 2.028(5)
(5) The duration of the offering period shall not exceed one year, although the issuer may extend the offering for up to an additional one year by filing amended and updated disclosure materials, together with any advertising, with the division in conformance with the requirements of
sub. (8). If the disclosure materials provide that a minimum dollar amount of offering subscriptions must be received before the issuer may utilize any of the proceeds, all subscriptions shall be held by a financial institution under an impounding agreement until the required minimum subscription level is reached.
DFI-Sec 2.028(6)
(6) The issuer reasonably believes that all sales made pursuant to this exemption are suitable for the purchaser and that the purchaser either alone or with the purchaser's representative has such knowledge and experience in financial and business matters as to be capable of evaluating the merits and risks of the investment.
DFI-Sec 2.028(7)
(7) An offering document is delivered to each purchaser prior to the sale of the securities that meets one of the following requirements:
DFI-Sec 2.028(7)(a)
(a) For offerings by a corporate issuer, an offering document that complies with the North American Securities Administrators Association, Inc. Form U-7 Small Corporate Offering Registration and Prospectus Disclosure Form, except that the financial statements may be either audited or reviewed; or
DFI-Sec 2.028(7)(b)
(b) For offerings by any type of issuer, an offering document that complies with the disclosure requirements of rule 502 (b) (2) of Regulation D under the securities act of 1933.
DFI-Sec 2.028(8)(a)
(a) The offering document to be used in connection with the offer and sale of the securities, not later than the date of the first use of the document in this state, together with a fee of $200; and
DFI-Sec 2.028(8)(b)
(b) A letter specifying how the requirements for use of this exemption contained in the introduction and in
subs. (1) to
(7) are met or will be met; and
DFI-Sec 2.028(8)(c)
(c) A copy of all advertising, other than the offering document and except for solicitation of interest materials previously filed pursuant to
s. DFI-Sec 2.027, to be used in connection with the offer and sale of the securities, not later than the date of its first use in this state, and a copy of all material amendments to the offering document, not later than the date of first use of each material amendment in this state.
DFI-Sec 2.028 History
History: Cr.
Register, March, 1986, No. 363, eff. 4-1-86; r. and recr.
Register, December, 1990, No. 420, eff. 1-1-91; am. (3) and (4),
Register, December, 1991, No. 432, eff. 1-1-92
; am. (intro.), renum. (6) to (8) to be (7) to (9), cr. (6),
Register, December, 1994, No. 468, eff. 1-1-95;
am. (1) (intro.), (4), r. (5), renum. (6) to (9) to be (5) to (8) and am. (7) (a), (8) (b) is renumbered to (8) (c) and amended, cr. (8) (b),
Register, December, 1995, No. 480, eff. 1-1-96; correction in (5) made under s. 13.93 (2m) (b) 7., Stats.,
Register, November, 1996, No. 491; renum. from SEC 2.027, r. (1) (b), renum. (1) (c) to be (1) (b),
Register, December, 1996, No. 492, eff. 1-1-97;
CR 01-083: am. (4),
Register December 2001 No. 552, eff. 1-1-02;
CR 08-077: am. (intro.), (1) (a), (2) and (3)
Register December 2008 No. 636, eff. 1-1-09; correction in (1) (a) made under s. 13.92 (4) (b) 7., Stats.,
Register February 2009 No. 638;
CR 10-062: am. (intro.) Register September 2010 No. 657, eff. 10-1-10.
DFI-Sec 2.029
DFI-Sec 2.029 Federal regulation D rule 505 exemption by filing. DFI-Sec 2.029(1)(1) Any offer or sale of securities made in reliance on the exemption provided by Rule 505 of Regulation D under the Securities Act of 1933 and the conditions and definitions provided by Rules 501 to 503 thereunder constitutes a transaction exempt from registration under s.
551.203, Stats., if the offer or sale also satisfies the additional conditions and limitations in
sub. (2) to
(6).
DFI-Sec 2.029(2)
(2) No commission or other remuneration may be paid or given, directly or indirectly, to any person for soliciting or selling to any person in this state in reliance on the exemption under
sub. (1), except to broker-dealers and agents registered in this state or exempt from registration under s.
551.401 (2) or
551.402 (2), Stats.
DFI-Sec 2.029(3)(a)(a) Unless the cause for disqualification is waived under
par. (b) 2., no exemption under
sub. (1) is available for the securities of an issuer unless the issuer did not know and in the exercise of reasonable care could not have known that any of the following applies to any of the persons described in
17 CFR 230.262 (a), (b), or (c):
DFI-Sec 2.029(3)(a)1.
1. The person has filed a registration statement which is the subject of an effective order entered against the issuer, its officers, directors, general partners, controlling persons or affiliates thereof, pursuant to any state's law within 5 years before the filing of a notice required under
sub. (4) denying effectiveness to, or suspending or revoking the effectiveness of, the registration statement.
DFI-Sec 2.029(3)(a)2.
2. The person has been convicted of any felony or misdemeanor in connection with the offer, sale or purchase of any security or franchise, or any felony involving fraud or deceit, including but not limited to forgery, embezzlement, obtaining money under false pretenses, larceny or conspiracy to defraud.
DFI-Sec 2.029(3)(a)3.
3. The person is subject to an effective administrative order or judgment entered by a state securities administrator within 5 years before the filing of a notice required under
sub. (4), which prohibits, denies or revokes the use of any exemption from securities registration, which prohibits the transaction of business by the person as a broker-dealer or agent, or which is based on fraud, deceit, an untrue statement of a material fact or an omission to state a material fact.
DFI-Sec 2.029(3)(a)4.
4. The person is subject to any order, judgment or decree of any court entered within 5 years before the filing of a notice required under
sub. (4), temporarily, preliminarily or permanently restraining or enjoining the person from engaging in or continuing any conduct or practice in connection with the offer, sale or purchase of any security, or the making of any false filing with any state.
DFI-Sec 2.029(3)(b)1.1. Any disqualification under this paragraph involving a broker-dealer or agent is waived if the broker-dealer or agent is or continues to be registered in this state as a broker-dealer or agent after notifying the division of the act or event causing disqualification.
DFI-Sec 2.029(3)(b)2.
2. The division may waive any disqualification under this paragraph upon a showing of good cause that it is not necessary under the circumstances that use of the exemption be denied.
DFI-Sec 2.029(4)
(4) Not later than the earlier of the date on which the first use of an offering document or the first sale is made in this state in reliance on the exemption under
sub. (1), there is filed with the division a notice comprised of offering material in compliance with the requirements of Rule 502 of Regulation D under the Securities Act of 1933, a completed Form D as prescribed by Rule 503 of Regulation D under the Securities Act of 1933, and a fee of $200. Material amendments to the offering document shall be filed with the division not later than the date of their first use in this state.
DFI-Sec 2.029(5)(a)(a) As to all sales in this state, the issuer shall reasonably believe immediately before making any sale that:
DFI-Sec 2.029(5)(a)2.
2. The purchaser, either alone or with the purchaser's representative, has such knowledge and experience in financial and business matters as to be capable of evaluating the merits and risks of the prospective investment.
DFI-Sec 2.029(5)(b)
(b) The failure to satisfy the conditions of
par. (a) as to a purchaser does not affect the availability of the exemption under
sub. (1) as to other purchasers.
DFI-Sec 2.029(6)
(6) The division may, by order, increase the number of purchasers or waive any other conditions of the exemption under
sub. (1) for a particular offering. The division shall not require the filing of advertising used in connection with offers or sales in reliance on the exemption. The exemption may be revoked by order of the division, but only if the offering constitutes or would constitute a violation of s.
551.401 (1) or
551.402 (1), Stats., and notice thereof has been received by the issuer, or constitutes or would constitute a violation of s.
551.501, Stats.
DFI-Sec 2.029 History
History: CR 08-077: cr.
Register December 2008 No. 636, eff. 1-1-09.
DFI-Sec 2.03(1)
(1) If a notice is required to be filed in order to seek to claim registration exemption status pursuant to s.
551.201,
551.202, Stats., or rule or order under s.
551.203, Stats., the notice shall consist of a copy of any prospectus, circular or other material to be delivered to offerees, the fee prescribed by
s. DFI-Sec 7.01 (2), and a cover letter describing how the offering will meet all the requirements for use of the exemption sought to be utilized.
DFI-Sec 2.03(2)
(2) If any information is reasonably required by the division prior to the effective date of an exemption, in connection with the examination of any notice filed pursuant to s.
551.201,
551.202, Stats., or rule or order under s.
551.203, Stats., the notice is not deemed filed until the information so required is filed with the division.
DFI-Sec 2.03(3)
(3) An order of the division disallowing an exemption with respect to a specified security or transaction pursuant to s.
551.201,
551.202, Stats., or rule or order under s.
551.203, Stats., has the same effect as an order denying or revoking an exemption pursuant to s.
551.204, Stats.
DFI-Sec 2.03 History
History: Cr.
Register, December, 1969, No. 168, eff. 1-1-70; r. and recr.
Register, August, 1972, No. 200, eff. 9-1-72; am. (1),
Register, December, 1977, No. 264, eff. 1-1-78; r. and recr. (1),
Register, December, 1981, No. 312, eff. 1-1-82; am. (1),
Register, December, 1982, No. 324, eff. 1-1-83; am. (1),
Register, December, 1991, No. 432, eff. 1-1-92;
CR 08-077: am.
Register December 2008 No. 636, eff. 1-1-09.
DFI-Sec 2.04
DFI-Sec 2.04 Federal covered security notice filings. DFI-Sec 2.04(1)(a)
(a) With respect to a federal covered security referred to in s.
551.302 (1) (a), Stats., unless the security is registered or exempt from registration under s.
551.201,
551.202, Stats., or rule or order under s.
551.203, Stats., the issuer or a person acting on behalf of the issuer shall file with the division not later than the initial offer of the security in this state, a consent to service of process signed by the issuer and the notice filing fee prescribed under
s. DFI-Sec 7.01 (2) (d). If a completed Form NF as prescribed in
s. DFI-Sec 9.01 (1) (d) is included with the consent to service of process and the notice filing fee, the issuer need not also include with the filing copies of any documents that are part of the registration statement filed under the securities act of 1933, although the division may at a later time require the filing of a copy of any document that is part of the registration statement filed under the securities act of 1933.
DFI-Sec 2.04(1)(b)
(b) After the initial offer in this state of a federal covered security referred to in s.
551.302 (1) (a), Stats., if the issuer files an amendment to its registration statement with the U.S. securities and exchange commission under the securities act of 1933 that relates either to a name change of the issuer, or to a change in the designation of the federal covered security, the issuer or a person acting on behalf of the issuer shall file with the division concurrent with the federal filing, a fee of $200, which shall be accompanied by a copy of each amendment-related document filed with the U.S. securities and exchange commission unless the issuer files with the division a completed Form NF as prescribed in
s. DFI-Sec 9.01 (1) (d). The division may at a later time require the filing of a copy of any document relating to the amendment filed under the securities act of 1933.
DFI-Sec 2.04(1)(c)
(c) A unit investment trust or closed-end investment company may extend the offering of its securities beyond a one-year period pursuant to s.
551.302 (1) (c), Stats., by filing a notice of extension not less than 30 days prior to the end of one year from the date of filing of the initial notice with the division, or an extension notice filed under this paragraph, whichever is most recent. A notice shall consist of a copy of an updated Form NF as prescribed in
s. DFI-Sec 9.01 (1) (d), together with a fee of $200, and at the option of the filing party, a cover letter identifying the most recent prior filing status with the division for the issuer's securities.
DFI-Sec 2.04(2)
(2) With respect to a federal covered security referred to in s.
551.302 (3), Stats., unless the security is registered or exempt from registration under s.
551.201,
551.202, Stats., or rule or order under s.
551.203, Stats., the issuer or a person acting on behalf of the issuer shall make a filing with the division not later than 15 days after the first sale of the security in this state that meets the requirements of either of the following:
DFI-Sec 2.04(2)(a)
(a) A notice consisting of a photocopy of a completed Form D as prescribed by rule 503 of regulation D under the securities act of 1933 that has been filed electronically with the U.S. securities and exchange commission, together with a $200 fee.
DFI-Sec 2.04(2)(b)
(b) An electronic filing under the Electronic Filing of Form D (EFD) System developed by the North American Securities Administrators Association and operated by PNC Global Investment Servicing or its affiliate, that designates Wisconsin as a state in which the offering is or will be made, and allocates to Wisconsin a $200 fee.
DFI-Sec 2.04 History
History: Cr.
Register, December, 1998, No. 516, eff. 1-1-99; am. (1) (a),
Register, December, 1999, No. 528, eff. 1-1-00;
CR 01-082: cr. (1) (c),
Register December 2001 No. 552, eff. 1-1-02;
CR 08-077: am. (1) and (2), r. (3) and (4)
Register December 208 No. 636, eff. 1-1-09;
CR 09-056: am. (2)
Register December 2009 No. 648, eff. 1-1-10.
