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Investment Adviser Guide

Filings

All investment adviser filings are made electronically via the Investment Adviser Registration Depository or IARD unless otherwise noted below. Form ADV Parts 1 and 2 and all supplements, Form U4 and Form U5 must be submitted in electronic format--paper filings are not accepted. State registered investment adviser branch office filings are made using Form BR filed via IARD/CRD. Federal covered investment advisers should file their branch office notices with the Division using the Branch Office Online application on the DFI website if possible. (See Branch Office section of this Guide)

If an individual meets the definition of an investment adviser representative, § 551.02(7m)(a), Wis. Stats., the firm must file a Form U-4 along with $80 for each investment adviser representative via IARD. A sole proprietor investment adviser or an individual representing an investment adviser or federal covered adviser must meet the exam requirements for investment adviser representatives. They must have taken and passed either the Series 65 by itself or Series 66 combined with the Series 7 (§ DFI-Sec 5.01(3) & (4), Wis. Adm. Code). Their qualifications are renewed at the same time as the firm's registration application.

If an individual who is registered as an investment adviser representative either leaves the firm or is no longer acting as an investment adviser representative, the firm must file a Form U-5 via IARD within 30 days of the termination or change in status (§ DFI-Sec 5.08(2), Wis. Adm. Code). If this form is not filed within the time prescribed, the firm will be charged a delinquent filing fee of $100.00 (§ DFI-Sec 7.01(6)(e), Wis. Adm. Code).

The Division must be notified of a change in the firm's designated supervisor within 10 days from the date the person who was the designated supervisor is no longer acting in that capacity. This filing must contain either a new Adobe PDF Document  Designation of Supervisor Form  (PDF: 6 KB / 1 page) identifying a new individual to act as the firm's designated supervisor or the promise to name another individual to act as the firm's designated supervisor within 45 days from the date the person who was previously the designated supervisor is no longer acting in that capacity (§ DFI-Sec 5.04(4), Wis. Adm. Code).

To withdraw the firm's investment adviser registration, the firm must submit a Adobe PDF Document  Form ADV-W  (PDF: external site) via the IARD (§ DFI-Sec 5.08(1), Wis. Adm. Code).

The firm must submit amendments to its Form ADV via the IARD within 30 days of the change. (§ DFI-Sec 5.04(3)(b)., Wis. Adm. Code.) also requires each investment adviser to file an annual update to its Form ADV Part 1 on IARD within 90 days of the end of its fiscal year. At a minimum, this update must reflect the current amount of assets under management for those advisers having discretionary authority over client accounts. Failure to update Form ADV also creates a disclosure violation.

The investment adviser is required to file with the Division a copy of any complaint, civil or criminal proceeding against the firm, its directors, officers, partners or its investment adviser representatives within 20 days the complaint or proceeding is served on the investment adviser. A copy of any answer or reply to the complaint or proceeding is due in the Division within 10 days of the date the answer is filed. A copy of any decision, order or sanction regarding the complaint or proceeding is due in the Division within 20 days of the date of the decision, order or sanction is given. (§ DFI-Sec 5.04(2),Wis. Adm. Code).

A notice of opening, closing or change of address of a Wisconsin office other than the home office of the adviser must be filed via CRD/IARD for state registered advisers and directly with the Division for federal covered advisers, within 14 days of the change. See Branch Offices page for more details.

Annual reports are NOT required to be filed with the Division unless the adviser has custody of clients funds or securities. See Custody section for more details.