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Investment Adviser Guide

Abbreviations

Act:

The Investment Advisors Act of 1940, the federal law governing the regulation of investment advisers.

Code:

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

CRD:

Central Registration Depository; the NASD-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, 5 governing investment advisers and 7 establishing fees.

FINRA:

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

NASAA:

North American Securities Administrators Association, the organization of US state, Canadian provincial and Mexican federal securities regulators. NASAA drafts model rules and policies, maintains the Series 63, 65 and 66 examination question bank and helps administer the CRD and IARD systems.

SEC:

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

Series 63:

Exam used mainly for securities agent state licensing qualification.

Series 65:

Exam used for qualification of investment advisers and investment adviser representatives.

Series 66:

Combines state law testing and qualification of both securities agents and investment advisers. For investment advisers, this exam is only effective in combination with the Series 7 General Securities Representative 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 advisors and investment adviser representatives.

USASLE:

Uniform Securities Agent State Law Examination; Series 63 exam used mainly for securities agent state licensing 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.