Wisconsin Department of Financial Institutions issues temporary relief for registrants

State Issues Covid-19 Wisconsin

On March 20, the Wisconsin Department of Financial Institutions (DFI) issued an emergency order granting temporary relief to registrants affected by the Covid-19 outbreak. The order offers relief from: (i) registration and filing requirements for professionals required to be registered with the division; (ii) the requirement to obtain physical signatures on the U4 form (Uniform Application for Securities Industry Registration or Transfer); and (iii) annual update filings and document delivery requirements by state-registered investment advisers.

Financial professionals who rely on and provision of the emergency order must keep a copy of the order in their records to demonstrate their reliance on it. This no-action relief will remain in effect until May 30, 2020, unless extended or rescinded.