Unsolicited Orders

​​​​​Statute: Wis. Stat. s. 551.202(6)

Used for: Non-issuer transactions through a licensed/registered broker-dealer pursuant to an unsolicited order or offer to purchase

Filing requirement: Self-executing. No filing or Consent to Service of Process is necessary to claim this exemption.

Frequently asked questions:

​Q: Does the broker-dealer have to do anything to perfect this exemption?

A: The broker-dealer must establish that the trade was unsolicited.

Q:  What must be done by the broker-dealer to establish that the order was unsolicited?

Q:  Is there any limitation to the number of transactions that may be effectuated under this exemption?

A: No. There is no limitation on the number of transactions.

History: Predecessor statute Wis. Stat. s. 551.23(2) adopted on January 1, 1970.  Identical to Uniform Securities Act of 1956 section 402(b)(3). Renumbered effective January 1, 2009.

Conta​​ct Us

Phone: (608) 266-2139

Email: DFISecurities@dfi.wisconsin.gov