All investment adviser filings are made electronically via the Investment Adviser Registration Depository (IARD) unless otherwise noted below. Form ADV Parts 1, 2, 3 and all supplements, Form U4 and Form U5 must be submitted in electronic format. Paper filings are not accepted. The U.S. Securities and Exchange Commission's (SEC) Regulation Best Interest Customer Relationship Summary, or Form CRS is not currently required to be filed by state-registered investment advisers in our state. However, if your state-registered firm prefers to file a Form CRS, it can be filed as an attachment to Form ADV Part 2 electronically through IARD. Dually-registered firms can file a separate Form ADV Part 3 on IARD.
State-registered investment adviser branch office filings are made using Form BR filed via IARD/Central Registration Depository (CRD). Federal covered investment advisers should file their branch office notices with the Division of Securities using the Branch Office Online application on the DFI website. See Branch Offices section of this Guide.
If an individual meets the definition of an investment adviser representative under Wis. Stat. s. 551.102(16), the firm must file a Form U4 along with $80 for each investment adviser representative via IARD. An individual representing an investment adviser or federal covered adviser must meet the exam requirements for investment adviser representatives. They must have taken and passed either the Series 65 exam by itself or Series 66 exam combined with the Securities Industry Essentials (SIE) and Series 7 exams. See Wis. Admin. Code s. DFI-Sec 5.01(3) & (4) and the Order requiring compliance with new Financial Industry Regulatory Authority (FINRA) exam requirements. Investment adviser representative qualifications are renewed at the same time as the firm's registration application.
If an individual who is registered as an investment adviser representative either leaves the firm or is no longer acting as an investment adviser representative, the firm must file a Form U5 via IARD within 30 days of the termination or change in status under Wis. Admin. Code s. DFI-Sec 5.08(2). If this form is not filed within the time prescribed, the firm will be charged a delinquent filing fee of $100.00 under Wis. Admin. Code s. DFI-Sec 7.01(6)(e).
The division must be notified of a change in the firm's designated supervisor within 10 days from the date the person who was the designated supervisor is no longer acting in that capacity. This filing must contain either a new Investment Adviser Designation of Supervisor Form DOSIADS identifying a new individual to act as the firm's designated supervisor or the promise to name another individual to act as the firm's designated supervisor within 45 days from the date the person who was previously the designated supervisor is no longer acting in that capacity. See Wis. Admin. Code s. DFI-Sec 5.04(4).
To withdraw the firm's investment adviser registration, the firm must submit a Form ADV-W via the IARD. See Wis. Admin. Code s. DFI-Sec 5.08(1).
The firm must submit amendments to its Form ADV via the IARD within 30 days of the change. Wis. Admin. Code s. DFI-Sec 5.04(3)(b) also requires each investment adviser to file an annual update to its Form ADV Part 1 on IARD within 90 days of the end of its fiscal year. At a minimum, this update must reflect the current amount of assets under management for those advisers having discretionary authority over client accounts. Failure to update Form ADV creates a disclosure violation.
The investment adviser is required to file with the division a copy of any complaint, civil or criminal proceeding against the firm, its directors, officers, partners or its investment adviser representatives within 20 days the complaint or proceeding is served on the investment adviser. A copy of any answer or reply to the complaint or proceeding is due in the division within 10 days of the date the answer is filed. A copy of any decision, order or sanction regarding the complaint or proceeding is due in the division within 20 days of the date of the decision, order or sanction. See Wis. Admin. Code s. DFI-Sec 5.04(2).
Annual reports are NOT required to be filed with the division unless the adviser has custody of clients funds or securities. See the Custody section for more details.
Phone: (608) 266-2139