Relating to: investment securities under the Uniform Commercial Code.

AB 133 modifies Wisconsin's laws governing investment securities under the Uniform Commercial Code. It repeals outdated provisions about where securities laws apply (sections 408.110 (2)(a-d), (5-6), and 409.305 (1)(c)) and clarifies that assets held by securities intermediaries (like banks or brokers) belong to investors (entitlement holders), not the intermediary itself. The bill specifically changes priority rules to ensure investors' claims take precedence over creditor claims if a securities intermediary cannot cover all obligations. This directly affects securities intermediaries and their investor clients by strengthening investor protections in financial asset holdings. The changes take effect four months after publication.