Applications

Updated 3/15/2002

The forms and instructions may be accessed via the online  IA Packet (PDF: 105 KB / 10 pages).

Form ADV Part 1 is filed electronically via the Investment Adviser Registration Depository ("IARD") (The new Part 2 is not yet available so the old paper Part II should be used). Applicants who do not have an IARD account should visit the IARD website at www.iard.com and download the Entitlement Packet. Click on the How To Get Started On IARD link on the left side navigation bar. This will take you to the Entitlement page. Toward the bottom will be two links for the Entitlement Packet; one for SEC Registrant IARD Entitlement Packet and one for State Registrant IARD Entitlement Packet. Clicking on the appropriate link will bring you to the form, which can be downloaded, completed and sent in to the IARD. When you account is set up, you will receive a user name and password to access the IARD system. You should only give permission to access IARD to those employees who will responsible for entering application information and reconciling your IARD fee accounts.

When you have gained access to IARD, you should prepare to make your ADV Part 1filing. If you are a first time filer with no ADV information on IARD, click the FORMS tab and select the link for either Apply for Registration with the SEC for advisers who can federally register, or Apply for Registration With One or More States if you will be state regulated. This will take you to Form ADV which you can complete online. See the IARD Manual for detailed instructions on completing and submitting the Form. In the jurisdiction boxes, be sure to check off all states in which you wish to register or notice file.

For firms already established on IARD in some jurisdiction, you should go to the FORMS tab and select the Other Than Annual Amendment To Your Registration link. This will bring up your current version of Form ADV Part 1. Simply scroll to the section containing the state jurisdiction boxes and check the box for WI. Do your completeness check and after any errors are corrected, submit your amendment. This will update the state filings and send your application to us for review.

Federal Covered Advisers

For federal covered advisers, your Notice Filing will be automatically approved and your status changed to Notice Filed Reviewed. Notice Filing fees will be deducted from your IARD account. Federal covered advisers do not need to send a paper copy of ADV Part II or any other disclosure documentation to the Division. Firms will need to file branch office notices and applications for IA Representatives (see Branch Office and Investment Adviser Representative section of this Guide).

State Licensed Advisers

For state licensed investment advisers, your application will then be directed to the Division where we will place the application into PENDING status. Your IARD account will be charged the appropriate fees for licensing in Wisconsin. This will also alert the staff to send you an IA PACKET containing the additional forms and instructions for licensing (if you have not already submitted those forms to us).

Your initial application for a Wisconsin investment adviser license should contain the following paper filings:

• Form ADV Part II
• A copy of your firm's Investment Advisory Contract(s)
• Designation of Supervisor Form - Form IADS(WI)
• Investment Adviser Understanding of Supervisor Responsibilities Regarding Wisconsin Uniform Securities Law and Administrative Code - Form IAUSR(WI)
• Wisconsin Investment Advisory Activity of Applicant - Form IAAA(WI)
• Financial Certification - Form IAFC(WI) (if applicable)
• List of branch offices in Wisconsin (if applicable)
• Appropriate fees

Complete all forms in the IA PACKET in their entirety and submit forms that contain ORIGINAL signatures (photocopies of signatures are not acceptable). State advisers MUST send a paper copy of your ADV Part II and other disclosure document directly to the Division for review.

You must name at least one person who will be acting as the firm's designated supervisor. This person must meet the examination requirements. (§ DFI-Sec 5.01(5), Wis. Adm. Code). They must have taken and passed either the post-January 1, 2000 version of the Series 65 examination, or either the Series 63 or the post-January 1, 2000 version of the Series 66 exam combined with the Series 7. (§ DFI-Sec 5.01(3) & (4), Wis. Adm. Code).

The fees for initial registration are:

• $400 for the firm's application,
• $30 for each branch office located in Wisconsin, and
• $30 for each investment adviser representative application.

Renewals for investment adviser branch office notifications are due annually by November 30th.

If your firm is a sole proprietor, you must submit the Designation of Supervisor Form and the Understanding of Supervisory Responsibilities Form signed by yourself as the firm's designated supervisor. The Designation of Supervisor Form requests the date the person being designated was licensed/pending as an investment adviser representative in Wisconsin. Fill in the date the application for your firm's designated supervisor was submitted.

Once an application is received via IARD and put into PENDING status, it will be assigned to an examiner in the Licensing & Compliance Bureau. The examiner will notify you, usually within five business days, if there are any deficiencies and what those deficiencies are. You have 180 days from receipt by the Division to complete the application or be subject to an Order of Denial of License Application.

Upon completion of the staff's review, the firm's status on IARD will be changed to APPROVED with the effective date of that approval. No paper licenses are issued in Wisconsin. Your only notice will be via the IARD. This is the first date upon which you can begin providing advisory services to clients in Wisconsin.