Broker Dealer Guide
A broker-dealer as defined in section 551.102(4), Wis. Stats., includes a broker-dealer located in Canada or any other foreign country. However, an exemption from registration as a broker-dealer is available for Canadian broker-dealers pursuant to s. 551.401(4), Wis. Stats. and section DFI-Sec 4.10(4), Wis. Adm. Code, that has no office or other physical presence in this state as long as the broker-dealer follows the following:
- The broker-dealer effects or attempts to effect transactions
in securities only with persons who are either in this state temporarily
and who, before entering this state were a) Canadian residents with
an established business-client relationship with the broker-dealer
or b) person's who are present in this state and transactions are in
the person's own self-directed, tax advantaged retirement plan in Canada.
- The broker-dealer is also registered as a member of a self-regulatory
organization in Canada, a stock exchange in Canada or the bureau des
- The broker-dealer remains in good-standing in its provincial or
territorial registration in Canada as well as registration of membership
in entities mentioned in 2 above.
- The broker-dealer discloses to each customer in this state that the broker-dealer and its agents are not registered under the Wisconsin Uniform Securities Law.
No filings or approvals are required from the Division if the above provisions are complied with.