​​​​​​​​​Q. Can  the exemption in Wis. Admin. Code s. DFI-Sec 2.029​ be used for Regulation D-Rule 504?

A. No. Any offering under Federal Regulation D-Rule 504 must qualify for a separate exemption. See Wis. Stat. s. 551.202(14) and Wis. Admin. Code s. DFI-Sec 2.028, under Wis. Stat. s. 551.203, for possible exemptions. The other alternative is to seek registration by qualification under Wis. Stat. s. 551.304​.