Actionable intelligence on Regulation D and the regulatory perimeter of private placements
Wisconsin is one of the original Blue Sky jurisdictions. The state enacted its first securities regulation statute in 1913, two years after Kansas pioneered the model in 1911. The arc of Wisconsin securities regulation since then is unusual: from 1913 until 1939, securities oversight was housed in the State Railroad Commission, before getting its own Department of Securities under 1939 Wisc. Act 68. The 1995 reorganization that created the modern Department of Financial Institutions (DFI) consolidated banking, credit unions, and securities under a single agency. Among the eleven state editions in this publication’s series, Wisconsin and Kansas alone trace their securities authority to non-securities focused predecessor agencies—a structural feature that produces enforcement programs with broader institutional coordination posture than peer state frameworks
