(1) FILING REQUIREMENT. Except as otherwise provided in sub. (2), a rule adopted or order issued under this chapter may require the filing of a prospectus, pamphlet, circular, form letter, advertisement, sales literature, or other advertising record relating to a security or investment advice, addressed or intended for distribuSECURITIES LAW 551.50925 tion to prospective investors, including clients or prospective clients of a person registered or required to be registered as an investment adviser under this chapter.
(2) EXCLUDED COMMUNICATIONS. This section does not apply to sales and advertising literature specified in sub.
(1) which relates to a federal covered security, a federal covered investment adviser, or a security or transaction exempted by s. 551.201, 551.202, or 551.203 except as required pursuant to s. 551.201 (7).