Exchange-Listed Securities
NASDAQ-NMS Securities

Statute: § 551.22(7), Wis. Stats.

Used for: Securities listed on specified securities exchanges  designated by Administrative Rule, and securities of senior or substantially equal rank to such exchange-listed securities.

Filing requirement: Self-Executing. No filing or Consent to Service of Process is necessary in order to claim this exemption.

Administrative Code references: § DFI-Sec 2.01(3)(e), Wis. Adm. Code.

Frequently asked questions:

Q: Is the exemption self-executing?

    A: Yes. No filing or Consent to Service of Process is required.

Q: What are the securities exchanges specified by Administrative Rule?

    A:  Chicago Stock Exchange (Tier 1 only).

Q: Is the exemption automatically available for securities of senior or substantially equal rank to the exchange-listed securities designated by Administrative Rule?

    A: Yes. No filing or Consent to Service of Process is required.

Q: Do NASDAQ-Small Cap or NASDAQ Bulletin Board-designated securities qualify?

    A: No.

Q:  Does this exemption cover securities traded on the New York Stock Exchange, American Stock Exchange, NASDAQ-NMS, Chicago Board Options Exchange, Philadelphia Stock Exchange (Tier 1 only), and Pacific Stock Exchange (Tier 1 only)?

    A:  No.  Any state filing requirements for such securities have been preempted as a result of the National Securities Markets Improvement Act (NSMIA).

History:  Adopted January 1, 1970. Wisconsin statute amended to bring it into further conformity with the Uniform Securities Act § 402(a)(8) on June 7, 1996. Following this amendment, the Wisconsin statute includes Uniform Securities Act language exempting from registration securities of "senior or substantially equal rank to the securities listed [on the designated exchanges]."  Amended on July 9, 1998 to reflect the adoption of NSMIA.

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