The registration and regulation of individuals offering and selling securities or providing investment advice on securities for a fee is an integral part of securities regulation in Wisconsin.
There are two categories of individual registration in Wisconsin: investment adviser representative and securities agent.
Investment Adviser Representative
An investment adviser representative is anyone who is a employed by or associated with an investment adviser or a federal covered adviser who makes recommendations or gives advice on securities, manages accounts of clients, holds themselves out as providing investment advice or is compensated for soliciting clients for an investment adviser. This does not include a clerical or ministerial employee.
A securities agent is a person who represents
a broker-dealer or issuer in offering or selling securities to the
public or soliciting someone to become a customer of a broker-dealer.
All securities agents, regardless of their location, must be registered
to conduct business with Wisconsin investors unless they qualify for an
exemption from registration. There is no de minimis exemption for
securities agents. Also, there is no such thing as an "unsolicited rule"
that allows an agent to accept unsolicited orders from Wisconsin
customers without being registered.
Phone: (608) 266-2139