551.412 Denial, revocation, suspension, censure, withdrawal, restriction, condition, or limitation of registration.

506 words·~2 min read·/wi/chapter-551/551-412

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

(1)Disciplinary conditions — applicants. If the administrator finds that the order is in the public interest and sub.

(4)authorizes the action, an order issued under this chapter may deny an application, or may condition or limit registration of an applicant, to be a broker-dealer, agent, investment adviser, or investment adviser representative and, if the applicant is a broker-dealer or investment adviser, of a partner, officer, director, person having a similar status or performing similar functions, or person directly or indirectly in control of the broker-dealer or investment adviser.

(2)Disciplinary conditions — registrants. If the administrator finds that the order is in the public interest and sub.

(4)authorizes the action, an order issued under this chapter may revoke, suspend, censure, condition, or limit the registration of a registrant and, if the registrant is a broker-dealer or investment adviser, of a partner, officer, director, person having a similar status or performing similar functions, or person directly or indirectly in control of the broker-dealer or investment adviser. However, the administrator may not do any of the following:

(a)Institute a revocation or suspension proceeding under this subsection based on an order issued under a law of another state that is reported to the administrator or a designee of the administrator more than one year after the date of the order on which it is based.

(b)Under sub.

(e)1. or 2. , issue an order on the basis of an order issued under the securities act of another state unless the other order was based on conduct for which sub.

(4)would authorize the action had the conduct occurred in this state.

(3)Disciplinary penalties — registrants. If the administrator finds that the order is in the public interest and sub.

(a)to

(f),

(h),

(i),

(j),

(L),

(m), or

(o)to

(r)authorizes the action, an order under this chapter may censure, impose a bar, or impose a civil penalty in an amount not to exceed a maximum of $10,000 for a single violation or $100,000 for more than one violation, or in such amount as agreed to by the parties, on a registrant and, if the registrant is a broker-dealer or investment adviser, a partner, officer, director, person having a similar status or performing similar functions, or person directly or indirectly in control of the broker-dealer or investment adviser.

(4)Grounds for discipline. A person may be disciplined under subs.

(1)to

(3)if the person:

(a)Has filed an application for registration in this state under this chapter or the predecessor act within the previous 10 years, which, as of the effective date of registration or as of any date after filing in the case of an order denying effectiveness, was incomplete in any material respect or contained a statement that, in light of the circumstances under which it was made, was false or misleading with respect to a material fact.