Securities and Transactions Exempt by Rule or Order

​​​​​​​​​​​​​​Statute: Wis. Stat. s. 551.203

Used for: Securities and transactions for which the Division of Securities by rule or order finds that registration is not necessary or appropriate for the protection of investors

Filing requirement by rule: Varies. Refer to Wis. Admin. Code s. DFI-Sec 2.02(9) (a) to (o), 2.027, and 2.028 or return to the Exemptions Menu to determine filing requirements.

Filing requirement by order: File a Request for a Discretionary Order of Exemption with the division.

  • Filing fee: $200, as set forth at Wis. Admin. Code s. DFI-Sec 7.01(2)(a) made payable to Wisconsin DFI-Division of Securities.​
  • Form required: There is no required form. File a cover letter referencing the statute or rule section under which the exemption is requested. The letter must furnish justification for waiver of the normal registration requirement.
  • Exhibits required: A copy of any advertising; any prospectus, circular, or other material to be delivered to offerees in connection with the transactions, and all other information the division requires after the initial filing.
  • Review time: No minimum time for review is prescribed.
Important interpretive letters: Because of the fact-specific nature of the discretionary orders that have been issued by the division, there are no representative examples.

History: Predecessor statute Wis. Stat. s. 551.22(17) and 551.23(18) adopted January 1, 1970. Repealed and recreated January 1, 2009.

Contac​​​t Us

Phone: (608) 266-2139