(2)(a) Of the total funds that are expended by the board for securities trading brokerage
commissions in any fiscal year, the board shall pay at least 5 percent of the total
funds in securities trading brokerage commissions to broker-dealers that are registered
under s. 551.406, that are headquartered in this state and whose principal business operations are
located in this state.
(b) For the purpose of satisfying the requirement under par. (a), the board may not include any securities trading brokerage commissions paid to
minority financial advisers and minority investment firms under s. 25.185.
(3) Annually, no later than September 30, the board shall submit a report to the department
of administration documenting the amount of moneys expended in the preceding fiscal
year by the board for securities trading brokerage commissions and the amount of moneys
paid in the preceding fiscal year for securities trading brokerage commissions to
broker-dealers under sub. (2)(a).
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