Wisconsin Statutes 551.608 – Uniformity and cooperation with other agencies
Current as of: 2023 | Check for updates
|
Other versions
Terms Used In Wisconsin Statutes 551.608
- Administrator: means the administrator of the division of securities in the department of financial institutions. See Wisconsin Statutes 551.102
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Following: when used by way of reference to any statute section, means the section next following that in which the reference is made. See Wisconsin Statutes 990.01
- Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
- Securities and Exchange Commission: means the United States Securities and Exchange Commission. See Wisconsin Statutes 551.102
- Self-regulatory organization: means a national securities exchange registered under the Securities Exchange Act of 1934, a national securities association of broker-dealers registered under the Securities Exchange Act of 1934, a clearing agency registered under the Securities Exchange Act of 1934, or the Municipal Securities Rulemaking Board established under the Securities Exchange Act of 1934. See Wisconsin Statutes 551.102
- State: means a state of the United States, the District of Columbia, Puerto Rico, the United States Virgin Islands, or any territory or insular possession subject to the jurisdiction of the United States. See Wisconsin Statutes 551.102
- United States: includes the District of Columbia, the states, the commonwealth of Puerto Rico and the territories organized by congress. See Wisconsin Statutes 990.01
(1) Objective of uniformity. The administrator shall, in its discretion, cooperate, coordinate, consult, and, subject to s. 551.607, share records and information with the securities regulator of another state, Canada, a Canadian province or territory, a foreign jurisdiction, the Securities and Exchange Commission, the United States Department of Justice, the Commodity Futures Trading Commission, the Federal Trade Commission, the Securities Investor Protection Corporation, a self-regulatory organization, a national or international organization of securities regulators, a federal or state banking or insurance regulator, and a governmental law enforcement agency to effectuate greater uniformity in securities matters among the federal government, self-regulatory organizations, states, and foreign governments.
(2) Policies to consider. In cooperating, coordinating, consulting, and sharing records and information under this section and in acting by rule, order, or waiver under this chapter, the administrator shall, in its discretion, take into consideration in carrying out the public interest the following general policies:
(a) Maximizing effectiveness of regulation for the protection of investors.
(b) Maximizing uniformity in federal and state regulatory standards.
(c) Minimizing burdens on the business of capital formation, without adversely affecting essentials of investor protection.
(3) Subjects for cooperation. The cooperation, coordination, consultation, and sharing of records and information authorized by this section includes:
(a) Establishing or employing one or more designees as a central depository for registration and notice filings under this chapter and for records required or allowed to be maintained under this chapter.
(b) Developing and maintaining uniform forms.
(c) Conducting a joint examination or investigation.
(d) Holding a joint administrative hearing.
(e) Instituting and prosecuting a joint civil or administrative proceeding.
(f) Sharing and exchanging personnel.
(g) Coordinating registrations under ss. 551.301 and 551.401 to 551.404 and exemptions under s. 551.203.
(h) Sharing and exchanging records, subject to s. 551.607.
(i) Formulating rules, statements of policy, guidelines, forms, and interpretative opinions and releases.
(j) Formulating common systems and procedures.
(k) Notifying the public of proposed rules, forms, statements of policy, and guidelines.
(L) Attending conferences and other meetings among securities regulators, which may include representatives of governmental and private sector organizations involved in capital formation, deemed necessary or appropriate to promote or achieve uniformity.
(m) Developing and maintaining a uniform exemption from registration for small issuers, and taking other steps to reduce the burden of raising investment capital by small businesses.