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:
- 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
- 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?
- Federal covered investment advisers, investment advisers registered under this chapter, and broker-dealers registered under this chapter.
- Institutional investors.
- 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.
- Bona fide preexisting clients whose principal places of residence are not in Wisconsin.
- 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.