18.16 Minority financial advisers and investment firms; disabled veteran-owned financial advisers and investment firms. - Wisconsin Statutes

18.16

18.16 Minority financial advisers and investment firms; disabled veteran-owned financial advisers and investment firms.

18.16(1)

(1) In this section:

18.16(1)(a)

(a) "Disabled veteran-owned financial adviser" means a financial adviser certified by the department of commerce under s. 560.0335 (3).

18.16 - ANNOT.

NOTE: The cross-reference to s. 560.0335 was changed from s. 560.033 by the legislative reference bureau under s. 13.92 (1) (bm) 2. to reflect the renumbering under s. 13.92 (1) (bm) 2. of s. 560.033, as created by 2009 Wis. Act 299.

18.16(1)(b)

(b) "Disabled veteran-owned investment firm" means an investment firm certified by the department of commerce under s. 560.0335 (3).

18.16 - ANNOT.

NOTE: The cross-reference to s. 560.0335 was changed from s. 560.033 by the legislative reference bureau under s. 13.92 (1) (bm) 2. to reflect the renumbering under s. 13.92 (1) (bm) 2. of s. 560.033, as created by 2009 Wis. Act 299.

18.16(1)(c)

(c) "Minority financial adviser" means a financial adviser certified by the department of commerce under s. 560.036 (2).

18.16(1)(d)

(d) "Minority investment firm" means an investment firm certified by the department of commerce under s. 560.036 (2).

18.16(2)

(2)

18.16(2)(a)

(a) Except as provided under sub. (7), in contracting public debt by competitive sale, the commission shall ensure that at least 6% of total public indebtedness contracted in each fiscal year is underwritten by minority investment firms.

18.16(2)(b)

(b) Except as provided in sub. (7), in contracting public debt by competitive sale, the commission shall make efforts to ensure that a portion of the total public indebtedness contracted in each fiscal year is underwritten by disabled veteran-owned investment firms.

18.16(3)

(3)

18.16(3)(a)

(a) Except as provided under sub. (7), in contracting public debt by negotiated sale, the commission shall ensure that at least 6% of total public indebtedness contracted in each fiscal year is underwritten by minority investment firms.

18.16(3)(b)

(b) Except as provided under sub. (7), in contracting public debt by negotiated sale, the commission shall make efforts to ensure that a portion of total public indebtedness contracted in each fiscal year is underwritten by disabled veteran-owned investment firms.

18.16(4)

(4)

18.16(4)(a)

(a) Except as provided under sub. (7), in contracting public debt by competitive sale or negotiated sale, the commission shall ensure that at least 6% of the total moneys expended in each fiscal year for the services of financial advisers are expended for the services of minority financial advisers.

18.16(4)(b)

(b) Except as provided under sub. (7), in contracting public debt by competitive sale or negotiated sale, the commission shall make efforts to ensure that a portion of the total moneys expended in each fiscal year for the services of financial advisers are expended for the services of disabled veteran-owned financial advisers.

18.16(5)

(5)

18.16(5)(a)

(a) Except as provided under s. 18.06 (9) and sub. (7), an individual underwriter or syndicate of underwriters shall ensure that each bid or proposal, submitted by that individual or syndicate in a competitive or negotiated sale of public debt, provides for a portion of sales to minority investment firms.

18.16(5)(b)

(b) Except as provided under s. 18.06 (9) and sub. (7), an individual underwriter or syndicate of underwriters shall make efforts to ensure that each bid or proposal, submitted by that individual or syndicate in a competitive or negotiated sale of public debt, provides for a portion of sales to disabled veteran-owned investment firms.

18.16(6)

(6) The commission shall annually report to the department of administration the total amount of public indebtedness contracted with the underwriting services of minority investment firms and disabled veteran-owned investment firms and the total amount of moneys expended for the services of minority financial advisers and disabled veteran-owned financial advisers during the preceding fiscal year.

18.16(7)

(7) The requirements of any of subs. (2) to (5) do not apply to a contracting of public debt, if the secretary of administration submits a report in writing to the joint committee on finance specifying the building commission's reasons for not complying with the requirements of any of subs. (2) to (5) for that contracting of public debt.

18.16 - ANNOT.

NOTE: This section is shown as affected eff. 11-1-10 by 2009 Wis. Act 299. Prior to 11-1-10 it reads:

18.16 - ANNOT.

18.16 Minority financial advisers and investment firms. (1) In this section, "minority financial adviser" and "minority investment firm" mean a financial adviser and investment firm, respectively, certified by the department of commerce under s. 560.036 (2).

18.16 - ANNOT.

(2) Except as provided under sub. (7), in contracting public debt by competitive sale, the commission shall ensure that at least 6% of total public indebtedness contracted in each fiscal year is underwritten by minority investment firms.

18.16 - ANNOT.

(3) Except as provided under sub. (7), in contracting public debt by negotiated sale, the commission shall ensure that at least 6% of total public indebtedness contracted in each fiscal year is underwritten by minority investment firms.

18.16 - ANNOT.

(4) Except as provided under sub. (7), in contracting public debt by competitive sale or negotiated sale, the commission shall ensure that at least 6% of the total moneys expended in each fiscal year for the services of financial advisers are expended for the services of minority financial advisers.

18.16 - ANNOT.

(5) Except as provided under s. 18.06 (9) and sub. (7), an individual underwriter or syndicate of underwriters shall ensure that each bid or proposal, submitted by that individual or syndicate in a competitive or negotiated sale of public debt, provides for a portion of sales to minority investment firms.

18.16 - ANNOT.

(6) The commission shall annually report to the department of administration the total amount of public indebtedness contracted with the underwriting services of minority investment firms and the total amount of moneys expended for the services of minority financial advisers during the preceding fiscal year.

18.16 - ANNOT.

(7) The requirements of any of subs. (2) to (5) do not apply to a contracting of public debt, if the secretary of administration submits a report in writing to the joint committee on finance specifying the building commission's reasons for not complying with the requirements of any of subs. (2) to (5) for that contracting of public debt.

18.16 - ANNOT.

History: 1987 a. 27; 1989 a. 366; 1991 a. 32; 1995 a. 27 s. 9116 (5); 2009 a. 299; s. 13.92 (1) (bm) 2.