​​​​​​​​​​​​​Statute: Wis. Stat. s. 551.202(18)

Used for: Transactions involving the distribution of securities of an issuer to the securities holders of another entity in connection with a merger, reorganization, consolidation, sale of assets or share exchange

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

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Q: May a non-corporate entity claim this exemption?

A: Yes. Because the exemption language refers only to "issuers," it can be used for entities such as trusts or partnerships.

History: Predecessor statute Wis. Stat. s. 551.23(13) adopted January 1, 1970. There is no parallel provision in the Uniform Securities Act of 1956.  Amended effective June 21, 1996 to add "share exchange" to the list of corporate reorganization transactions that qualify for the exemption. Repealed and recreated effective January 1, 2009.