Can I collect financial information from participants in Wyoming? What are the requirements?

Requirements for Collecting Financial Information from Participants in Wyoming

If you are collecting financial information from participants in Wyoming, you must comply with the record-keeping requirements outlined in WYAR § 5 ^[1.1]. Additionally, if you are a sandbox participant, you must comply with the in-state presence requirements and maintain the following records under W.S. 40-29-106(d) for five (5) years after the conclusion of the sandbox period ^[2.1]:

• All consumer contact information
• All agreements, contracts, and subscription records
• All correspondence between the participant and a consumer
• All bank records, investment statements, and other financial records
• A copy of all advertisements used to market the innovative financial product or service in Wyoming and elsewhere

It is important to note that these requirements apply specifically to persons selling innovative financial products or services and sandbox participants, and may not apply to all situations involving the collection of financial information from participants in Wyoming. If you have further questions or concerns, it is recommended that you consult with a legal professional.

I hope this information helps. Let me know if you have any further questions.

Source(s):

• [1.1] Record requirements.
• [2.1] Verification of In-State Presence Requirement; Records.

Jurisdiction

Wyoming

• Privacy