551.605 Rules, forms, orders, interpretative opinions, and hearings.

309 words·~1 min read·/wi/chapter-551/551-605-2

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

(1)Issuance and adoption of forms, orders, and rules. The administrator may do any of the following:

(a)Issue forms and orders and, after notice and comment, adopt and amend rules necessary or appropriate to carry out this chapter, and repeal rules, including rules and forms governing registration statements, applications, notice filings, reports, and other records.

(b)By rule, define terms, whether or not used in this chapter, but those definitions may not be inconsistent with this chapter.

(c)By rule, classify securities, persons, and transactions and adopt different requirements for different classes.

(2)Findings and cooperation. Under this chapter, except as provided under s. 551.412

(b),

(c), and

(d), a rule or form may not be adopted or amended, or an order issued or amended, unless the administrator finds that the rule, form, order, or amendment is necessary or appropriate in the public interest or for the protection of investors and is consistent with the purposes intended by this chapter. In adopting, amending, and repealing rules and forms, s. 551.608 applies in order to achieve uniformity among the states and coordination with federal laws in the form and content of registration statements, applications, reports, and other records, including the adoption of uniform rules, forms, and procedures.

(3)Financial statements.

(am)Subject to section 15

(h)of the Securities Exchange Act and section 222 of the Investment Advisers Act of 1940, and except as provided in par.

(bm), the administrator may require that a financial statement filed under this chapter be prepared in accordance with generally accepted accounting principles in the United States and comply with other requirements specified by rule adopted or order issued under this chapter. Except as provided in par.

(bm), a rule adopted or order issued under this chapter may establish: