Boardman & Clark LLP—Banking Group

• ERISA claims
• TARP Program
• New Wisconsin Uniform Securities Act
• Legal Considerations in Downsizing
• Remote Deposit Capture

New Wisconsin Uniform Securities Act

In 2006, the Wisconsin Department of Financial Institutions proposed a complete overhaul of the Wisconsin securities statutes, known as the Wisconsin Uniform Securities Act ("USA"). The Boardman Banking Group and the Wisconsin Bankers Association became heavily involved in a lobbying effort to change the proposed Act because certain provisions would have adversely impacted the traditional business of Wisconsin banks. As a result, USA was delayed until the next legislative session, and on March 27, 2008, USA (2007 Wisconsin Act 196), in the form sought by the WBA, was signed into law by Governor Doyle. It went into effect January 1, 2009.

Under both federal and state securities laws, if your bank regularly engages in the business of effecting transactions in securities for the account of itself or its customers, it may be subject to regulation as a "broker" or "dealer." "Effecting transactions in securities" covers a broad range of activities. Buying or selling a security for the account of another is clearly covered. Finding investors for companies issuing securities or finding investment banking clients for a broker dealer may constitute "effecting transactions in securities." If a bank is involved in any significant step of a securities transaction (e.g. solicit, negotiate, execute), or handles securities/funds in connection with securities transactions, it is likely to be "effecting transactions in securities."

If you have any questions about the securities activities of your bank or any of its subsidiaries, we are happy to discuss them with you.