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Exchange-Listed Federal Covered Securities
Exchange-Listed Securities Designated By Rule

Statute: § 551.201(6), Wis. Stats.

Used for: Exchange-listed Federal covered securities, securities listed on 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), 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, the NASDAQ Stock Market, Chicago Board Options Exchange, Philadelphia Stock Exchange (Tier 1 only), and Pacific Stock Exchange (Tier 1 only)?

    A:  Yes. As a result of the National Securities Markets Improvement Act (NSMIA). Securities listed on those exchanges are designated as federal covered securities that are not subject to state registration or exemption requirements. The NYSE, AMEX and NASDAQ Stock Market Exchanges are designated in section 18(b)(1) of the federal Securities Act of 1933, and the CBOE, Philadelphia (Tier 1) and Pacific (Tier 1) Exchanges have been designated by SEC rule.

History:  Predecessor statute 551.22(7), Wis Stats., adopted January 1, 1970. Wisconsin statute amended to bring it into further conformity with the Uniform Securities Act of 1956 § 402(a)(8) on June 7, 1996. Following that amendment, the Wisconsin statute included 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. Repealed and recreated effective January 1, 2009.


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