Overview

Does maintaining a place of business in the state trigger a notice filing (regardless of number of clients)?

Yes.
WIS. STAT. § 551.405(2)(a)(2017)

Place of business  means:

  1. An office at which the broker-dealer, investment adviser, or federal covered investment adviser regularly provides brokerage or investment advice or solicits, meets with, or otherwise communicates with customers or clients; or
  2. Any other location that is held out to the general public as a location at which the broker-dealer, investment adviser, or federal covered investment adviser provides brokerage or investment advice or solicits, meets with, or otherwise communicates with customers or clients.

WIS. STAT. § 551.102(21)(2017)

What is the maximum number of clients adviser can have in the state without triggering a notice filing?

5
WIS. STAT. § 551.405(2)(b)(2017)

What sorts of clients are not counted for purposes of determining whether to notice file?

  1. Federal covered investment advisers, investment advisers registered under this chapter, and broker-dealers registered under this chapter.
  2. Institutional investors.
  3. Accredited investors as defined and listed in 17 CFR 230.501 (a) (1), (2), (3), (7), or (8) under Regulation D under the Securities Act of 1933.
  4. Bona fide preexisting clients whose principal places of residence are not in Wisconsin.
  5. Other clients specified by rule adopted or order issued under this chapter.

WIS. STAT. § 551.405(2)(a)(2017)


Viewing of these pages does not establish an attorney-client relationship. The information above is informational purposes only and should not be construed as legal advice. A lawyer should be consulted to confirm both applicability and any other issues that might affect or apply to your situation.