Wis. Admin. Code Department of Financial Institutions DFI-Sec 7.04
Unless otherwise required by rule or order of the division, every issuer whose securities have been registered under ch. 551, Stats., or any predecessor law and are held of record by 100 or more persons in this state, but none of whose securities are registered under section 12 of the securities exchange act of 1934 or exempted from registration by section 12 (g) (2) (B) or (G) thereof, shall distribute to the security holders not more than 120 days after the end of each fiscal year of the issuer a balance sheet of the issuer as of the end of such fiscal year and statements of income and changes in financial position and an analysis of surplus for the fiscal year meeting the requirements of s. DFI-Sec 7.06, and shall concurrently file copies of those financial statements with the division.
Wis. Admin. Code Department of Financial Institutions DFI-Sec 7.04