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Broker Dealer Guide

Definitions

Code:
The Wisconsin Administrative Code which comprises the rules of the Division of Securities.

CRD:
Central Registration Depository; the FINRA-operated clearinghouse for broker-dealer and securities agent applications and source of information on qualification examinations.

Division:
Wisconsin Department of Financial Institutions, Division of Securities.

DFI-Sec:
Section of the Wisconsin Administrative Code which comprises the rules of the Division of Securities; followed by the number of the section, sub-section and paragraph. In this case, sections 1 on definitions, 4 governing broker-dealer issues and 7 establishing fees.

FA:
Federal Adviser, this abbreviation is used in Wisconsin to designate a federal covered investment adviser. A federal covered investment adviser manages money for a fee and manages total assets exceeding $100 million. A federal covered investment adviser is regulated by the U.S. Securities & Exchange Commission.

IA:
Investment Adviser, this abbreviation is used in Wisconsin to designate state-registered investment advisers. An investment adviser is any person or firm who, for compensation, is in the business of advising others as to the value, advisability of investing in, and purchasing or selling of securities or produces reports or analysis of specific securities.

IA Representative:
Persons representing either state-registered investment advisers or federal covered investment advisers in this state; certain minimum qualifications are required.

Issuer:
Any person or firm who issues or proposes to issue any security.

FINRA:
Financial Industry Regulatory Authority, the self-regulatory agency of broker-dealers and agents; also administers all qualification exams.

SEC:
The U.S. Securities & Exchange Commission, the federal regulator of the securities industry.

Series 6:
Investment company product/variable contracts product exam used for securities agent qualification in conjunction with the Series 63 exam.

Series 7:
General securities product exam used for securities agent qualification in conjunction with the Series 63 or 66 exams.

Series 63:
Exam used mainly for securities agent state registration qualification.

Series 65:
Exam used for qualification of investment advisers and investment adviser representatives.

Series 66:
Combines testing and qualification of both securities agents and investment advisers. Used for securities agent and investment adviser representative qualification in conjunction only with the Series 7 exam.

UCSLE:
Uniform Combined State Law Examination; Series 66 combines testing and qualification of both securities agents and investment advisers.

UIALE:
Uniform Investment Adviser Law Examination; Series 65 exam used for qualification of investment advisers and investment adviser representatives.

USASLE:
Uniform Securities Agent State Law Examination; Series 63 exam used for securities agent state registration qualification.

Wis. Adm. Code:
Wisconsin Administrative Code; comprises the rules of the Division of Securities.

Wis. Stats.
Wisconsin Statutes; in this case, the Wisconsin Uniform Securities Law, Chapter 551.