Unsolicited Orders
Statute: § 551.202(6), Wis. Stats.
Used for: Non-issuer transactions through a licensed broker-dealer pursuant to an unsolicited order or offer to purchase.
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 2.02(2), Wis. Adm. Code.
Frequently asked questions:
Q: Is this exemption self-executing?
A: Yes. No filing or Consent to Service of Process is necessary in order to claim this exemption.
Q: Does the broker-dealer have to do anything to perfect this exemption?
A: The broker-dealer must establish that the trade was unsolicited.
Q: What must be done by the broker-dealer to establish that the order was unsolicited?
A: See § DFI-Sec 2.02(2), Wis. Adm. Code.
Q: Is there any limitation to the number of transactions that may be effectuated under this exemption?
A: No. There is no limitation on the number of transactions.
History : Predecessor statute 551.23(2), Wis Stats., adopted on January 1, 1970. Identical to Uniform Securities Act of 1956 section 402(b)(3). Renumbered effective January 1, 2009.