551.406 Registration by broker-dealer, agent, investment adviser, and investment adviser representative.

555 words·~3 min read·/wi/chapter-551/551-406

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

(1)Application for initial registration. A person shall register as a broker-dealer, agent, investment adviser, or investment adviser representative by filing with the administrator, or an organization which the administrator by rule designates, an application and a consent to service of process complying with s. 551.611 , and paying the fee specified in s. 551.614 and any reasonable fees charged by the designee of the administrator for processing the filing. The application must contain all of the following:

(a)The information or record required for the filing of a uniform application.

(b)Upon request by the administrator, any other financial or other information or record that the administrator determines is appropriate.

(2)Amendment. If the information or record contained in an application filed under sub.

(1)is or becomes inaccurate or incomplete in a material respect, the registrant shall promptly file a correcting amendment.

(3)Effectiveness of registration.

(a)If an order is not in effect and a proceeding is not pending under s. 551.412 , registration is effective 30 days from the filing of the application or at the earliest of the following times prior to the expiration of 30 days from the filing of the application, whichever is earlier, unless the registration is denied:

1. The date that the administrator issues registration to the applicant.

2. The date that approval of registration status is transmitted by the administrator to the applicant through the central registration depository of the Financial Industry Regulatory Authority, Inc.

3. On January 1 for any renewal application filed during December of the preceding year with the central registration depository, unless the administrator makes a written request for additional information relevant to the application prior to January 1.

(b)A rule adopted or order issued under this chapter may set an earlier effective date or may defer the effective date until noon on the 45th day after the filing of any amendment completing the application.

(4)Registration renewal. A registration is effective until midnight on December 31 of the year for which the application for registration is filed. Unless an order is in effect under s. 551.412 , a registration may be automatically renewed each year by filing such records as are required by rule adopted or order issued under this chapter, by paying the fee specified in s. 551.614 , and by paying costs charged by the designee of the administrator for processing the filings.

(5)Additional conditions or waivers. A rule adopted or order issued under this chapter may impose other conditions, not inconsistent with the National Securities Markets Improvement Act of 1996. An order issued under this chapter may waive, in whole or in part, specific requirements in connection with registration as are in the public interest and for the protection of investors.

(6)Additional information required.

(a)In addition to the information required elsewhere under this section, an application for registration shall contain, in the case of an individual, the individual’s social security number and, in the case of a person who is not an individual, the person’s federal employer identification number. The administrator may not disclose any information received under this paragraph to any person except the following:

1. The department of revenue, for the sole purpose of requesting certifications under s. 73.0301 .