Transactions Exempt by Rule or Order

Statute:  § 551.23(18), Wis. Stats.

Used for: Transactions for which the Division by rule or order finds that registration is not necessary or appropriate for the protection of investors.

Filing requirement by rule: Varies. Refer to §§ DFI-Sec 2.02(9), 2.027, and 2.028,Wis. Adm. Code, or return to the Alphabetical by Topic Exemptions Menu to determine filing requirements.

Filing requirement by order: File a Request for a Discretionary Order of Exemption with the Division.

• Filing fee: $200, as set forth at § DFI-Sec 7.01(2)(a), Wis. Adm. Code made payable to Wisconsin DFI-Division of Securities.
• Form required: There is no required form. File a cover letter referencing the statute or rule section under which the exemption is requested. The letter must furnish justification for waiver of the normal registration requirement.
• Exhibits required: A copy of any advertising; any prospectus, circular, or other material to be delivered to offerees in connection with the transactions, and all other information the Division requires after the initial filing.
• Review time: No minimum time for review is prescribed.

Administrative Code references: §§ DFI-Sec 2.02(9), 2.027, and 2.028, Wis. Adm. Code.

Related matter: See § 551.22(17), Wis. Stats., for a parallel provision permitting the Division to designate a security to be exempt by rule or order.

Important interpretive letters: Because of the fact-specific nature of the discretionary orders that have been issued by the Division, there are no representative examples.

History:   Adopted January 1, 1970. There is no parallel provision in the Uniform Securities Act.