Investment Adviser Guide

Updated 3/15/2002

This reference guide is intended to provide the Wisconsin state licensed investment adviser with answers to questions on application filings and day-to-day activities relating to record keeping, compliance issues and regulatory oversight. Please consult this guide first when you have general questions. If you do not find the answer, please call 608-266-2139 to reach an examiner in the Department of Financial Institutions Division of Securities.

This guide includes links that will allow you to immediately jump to specific statute or rule citations as well as to application forms and other areas of   reference in the guide.

The Wisconsin Securities Law (Chapter 551, Wis. Stats.) and the accompanying rules (Chapters DFI-Sec 1-9, Wis. Adm. Code) are also available for viewing in their entirety.

Chapter 551, Wis. Stats.

Chapters DFI-Sec 1-9, Wis. Adm. Code

Updates to the guide will be made periodically, such as after adoption of new rules or Statutes.

Changes to the Investment Advisers Act of 1940 (herein after referred to simply as "the Act") have divided regulation of investment advisers between the SEC and the states. Thus, many portions of the Act do not directly apply to state-licensed advisers. However, Wisconsin has traditionally had rules which incorporate most sections of the Act by reference and the Division has generally followed SEC interpretive opinions and positions relating to the Act and the rules under the Act. This guide will attempt to clarify those areas where the Division will continue to apply the requirements or interpretations of the Act and its rules. Where possible, references to the SEC and specific sections of the Act or rules have been changed to reflect the counterpart Wisconsin statute or section of the Administrative Code ("Code").

The Division uses Form ADV and its schedules as our application form. Because such forms may be used in more than one jurisdiction you should assume that any reference to the SEC in Form ADV and its schedules is synonymous with the Wisconsin Department of Financial Institutions Division of Securities.