South Dakota Administrative Code

20:08:04:91. Semiannual reports. Repealed. Source: 16 SDR 185, effective May 16, 1990; repealed, 28 SDR 48, effective October 10, 2001.

20:08:04:92. Annual reports. Repealed. Source: 16 SDR 185, effective May 16, 1990; repealed, 28 SDR 48, effective October 10, 2001.

20:08:04:93. Final reports. Repealed. Source: 16 SDR 185, effective May 16, 1990; repealed, 28 SDR 48, effective October 10, 2001.

20:08:04:94. Sales and advertising literature. Repealed. Source: 16 SDR 185, effective May 16, 1990; repealed, 28 SDR 48, effective October 10, 2001.

20:08:04:95. Deceptive or misleading promotional practices. Repealed. Source: 16 SDR 185, effective May 16, 1990; repealed, 28 SDR 48, effective October 10, 2001.

20:08:04:96. Advertisements which need not be filed. Repealed. Source: 16 SDR 185, effective May 16, 1990; repealed, 28 SDR 48, effective October 10, 2001.

20:08:04:97. Use of rankings or ratings of direct participation programs. Repealed. Source: 16 SDR 185, effective May 16, 1990; repealed, 28 SDR 48, effective October 10, 2001.

20:08:04:98. Public inspection of records. Repealed. Source: 16 SDR 185, effective May 16, 1990; repealed, 28 SDR 48, effective October 10, 2001.

20:08:04:99. Records subject to public inspection. Repealed. Source: 16 SDR 185, effective May 16, 1990; repealed, 28 SDR 48, effective October 10, 2001.

Rule 20:08:05:01 Repealed. 20:08:05:01. Registration requirements for investment advisers.Repealed. Source: 26 SDR 99, effective February 3, 2000; repealed, 28 SDR 48, effective October 10, 2001. Rule 20:08:05:01.01 Repealed. 20:08:05:01.01. Electronic filing with designated enti…

Rule 20:08:05:01.01 Repealed. 20:08:05:01.01. Electronic filing with designated entity. Repealed. Source: 28 SDR 48, effective October 10, 2001; 30 SDR 211, effective July 1, 2004; repealed, 37 SDR 112, effective December 9, 2010.

Rule 20:08:05:01.02 Repealed. 20:08:05:01.02. State investment adviser registration. Repealed. Source: 28 SDR 48, effective October 10, 2001; 30 SDR 211, effective July 1, 2004; repealed, 37 SDR 112, effective December 9, 2010.

Rule 20:08:05:01.03 Repealed. 20:08:05:01.03. Investment adviser representative registration. Repealed. Source: 28 SDR 48, effective October 10, 2001; 30 SDR 211, effective July 1, 2004; repealed, 37 SDR 112, effective December 9, 2010.

Rule 20:08:05:02 Repealed. 20:08:05:02. Notice filing for federal covered advisers. Repealed. Source: 26 SDR 99, effective February 3, 2000; 28 SDR 48, effective October 10, 2001; 30 SDR 211, effective July 1, 2004; repealed, 37 SDR 112, effective December 9, 2010.

Rule 20:08:05:03 Repealed. 20:08:05:03. Registration requirements for investment adviser representatives.Repealed. Source: 26 SDR 99, effective February 3, 2000; repealed, 28 SDR 48, effective October 10, 2001.

Rule 20:08:05:04 Repealed. 20:08:05:04. Series 65 or Series 66 and Series 7 examination requirements. Repealed. Source: 26 SDR 99, effective February 3, 2000; 30 SDR 211, effective July 1, 2004; repealed, 37 SDR 112, effective December 9, 2010.

Rule 20:08:05:05 Repealed. 20:08:05:05. Custody of client funds or securities by investment advisers. Repealed. Source: 26 SDR 99, effective February 3, 2000; 30 SDR 211, effective July 1, 2004; repealed, 37 SDR 112, effective December 9, 2010.

Rule 20:08:05:06 Repealed. 20:08:05:06. Minimum financial requirements for investment advisers. Repealed. Source: 26 SDR 99, effective February 3, 2000; 30 SDR 211, effective July 1, 2004; repealed, 37 SDR 112, effective December 9, 2010.

Rule 20:08:05:07 Repealed. 20:08:05:07. Bonding requirements for certain investment advisers. Repealed. Source: 26 SDR 99, effective February 3, 2000; 30 SDR 211, effective July 1, 2004; repealed, 37 SDR 112, effective December 9, 2010.

Rule 20:08:05:08 Repealed. 20:08:05:08. Record keeping requirements for investment advisers. Repealed. Source: 26 SDR 99, effective February 3, 2000; 28 SDR 48, effective October 14, 2001; 30 SDR 211, effective July 1, 2004; repealed, 37 SDR 112, effective December 9, 2010.

Rule 20:08:05:09 Repealed. 20:08:05:09. Cash payments for client solicitations. Repealed. Source: 26 SDR 99, effective February 3, 2000; 30 SDR 211, effective July 1, 2004; repealed, 37 SDR 112, effective December 9, 2010.

Rule 20:08:05:10 Repealed. 20:08:05:10. Written disclosure statements. Repealed. Source: 26 SDR 99, effective February 3, 2000; 28 SDR 48, effective October 10, 2001; 30 SDR 211, effective July 1, 2004; repealed, 37 SDR 112, effective December 9, 2010. Rule 20:08:05:10.01 Repeale…

Rule 20:08:05:10.01 Repealed. 20:08:05:10.01. Financial reporting requirements for investment advisers. Repealed. Source: 30 SDR 211, effective July 1, 2004; repealed, 37 SDR 112, effective December 9, 2010.

Rule 20:08:05:11 Repealed. 20:08:05:11. Sponsors of wrap fee programs.Repealed. Source: 26 SDR 99, effective February 3, 2000; repealed, 28 SDR 48, effective October 10, 2001.

Rule 20:08:05:12 Repealed. 20:08:05:12. Agency cross transactions for advisory clients. Repealed. Source: 26 SDR 99, effective February 3, 2000; 30 SDR 211, effective July 1, 2004; repealed, 37 SDR 112, effective December 9, 2010.

Rule 20:08:05:13 Repealed. 20:08:05:13. Fraudulent, deceptive, or manipulative practices. Repealed. Source: 26 SDR 99, effective February 3, 2000; 30 SDR 211, effective July 1, 2004; repealed, 37 SDR 112, effective December 9, 2010.

Rule 20:08:05:14 Investment adviser representative definitions. 20:08:05:14. Investment adviser representative definitions. Notwithstanding SDCL 47-31B-102(16), the term "investment adviser representative" as it applies to a person who is employed by or associated with a federal …

20:08:05:15. Application for investment adviser and investment adviser representative registration. (1) Investment adviser initial application: (a) The application for initial registration as an investment adviser pursuant to SDCL 47-31B-403(a) shall be made by completing Form AD…

Rule 20:08:05:16 Notice filing requirements for federal covered investment advisers. 20:08:05:16. Notice filing requirements for federal covered investment advisers. The notice filing for a federal covered investment adviser pursuant to SDCL 47-31B-405(a) of the Act shall be file…

Rule 20:08:05:17 Electronic filing with designated entity. 20:08:05:17. Electronic filing with designated entity. The director designates the web-based Investment Adviser Registration Depository (IARD) to receive and store filings and collect related fees from investment advisers…

Rule 20:08:05:18 IARD transition rule. 20:08:05:18. IARD transition rule. (1) Electronic filing of Form ADV. Each investment adviser registered or required to be registered under SDCL chapter 47-31B must resubmit its Form ADV electronically (if it has not previously done so) with…

Rule 20:08:05:19 Withdrawal of investment adviser and investment adviser representative. 20:08:05:19. Withdrawal of investment adviser and investment adviser representative registration. (1) Withdrawal of investment adviser registration. The application for withdrawal of registra…

Rule 20:08:05:20 Promptly remedied. 20:08:05:20. Promptly remedied. For purposes of SDCL 47-31B-410(c), (d) and (e), an investment adviser, an investment adviser representative, and a federal covered investment adviser, respectively, will have promptly remedied a delay in payment…

Rule 20:08:05:21 Minimum financial requirements for investment advisers. 20:08:05:21. Minimum financial requirements for investment advisers. An investment adviser registered or required to be registered under SDCL chapter 47-31B who has custody of client funds or securities shal…

Rule 20:08:05:22 Financial reporting requirements for investment advisers. 20:08:05:22. Financial reporting requirements for investment advisers. Every registered investment adviser who has custody of client funds or securities or requires payment of advisory fees six months or m…

Rule 20:08:05:23 Recordkeeping requirements. 20:08:05:23. Recordkeeping requirements. Each investment adviser registered or required to be registered under chapter 41-31B shall make and keep true, accurate, and current the following books, ledgers, and records: (1) A journal or j…

Rule 20:08:05:24 Bonding requirements for certain investment advisers. 20:08:05:24. Bonding requirements for certain investment advisers. Any bond required by § 20:08:05:24 shall be issued by a company qualified to do business in this state in the form determined by the director …

Rule 20:08:05:25 Custody requirements for investment advisers. 20:08:05:25. Custody requirements for investment advisers. It is unlawful and deemed to be a fraudulent, deceptive, or manipulative act, practice, or course of business for an investment adviser to have custody of cli…

Rule 20:08:05:26 Investment adviser brochure. 20:08:05:26. Investment adviser brochure. (1) General requirements: Unless otherwise provided in § 20:08:05:26, an investment adviser, registered or required to be registered pursuant to SDCL 47-31B-403 shall, in accordance with the p…

20:08:05:27. Examination requirements. (1) Unless otherwise waived by the director of the division, an investment adviser or an investment adviser representative shall take and pass: (a) The Uniform Investment Adviser State Law Examination (S65) within the two-year period immedia…

20:08:05:27.01. Investment adviser representative examination validity extension program. Notwithstanding § 20:08:05:27, an individual who terminates the individual’s registration as an investment adviser representative may maintain the validity of the individual’s Uniform Invest…

Rule 20:08:05:28 Prohibited conduct in providing investment advice. 20:08:05:28. Prohibited conduct in providing investment advice. A person who is an investment adviser, an investment adviser representative, or a federal covered investment adviser is a fiduciary and has a duty t…

Rule 20:08:05:29 Contents of an investment advisory contract. 20:08:05:29. Contents of an investment advisory contract. The provisions of § 20:08:05:29(1) apply to federal covered investment advisers to the extent that the conduct alleged is fraudulent, deceptive, or as otherwise…

Rule 20:08:07:01 Notice filing for open-end investment companies. 20:08:07:01. Notice filing for open-end investment companies. Prior to any offer or sale of securities, issued by an open-end investment company, that are covered securities pursuant to section 18(b)(2) of the Secu…

Rule 20:08:07:02 Notice filing for closed-end investment companies. 20:08:07:02. Notice filing for closed-end investment companies. Prior to any offer or sale of securities issued by a closed-end investment company that are covered securities pursuant to section 18(b)(2) of the S…

Rule 20:08:07:03 Notice filing for unit investment trusts. 20:08:07:03. Notice filing for unit investment trusts. Prior to any offer or sale of securities issued by a unit investment trust that are covered securities pursuant to section 18(b)(2) of the Securities Act of 1933, the…

Rule 20:08:07:03.01 Notice filing for face-amount certificate company. 20:08:07:03.01. Notice filing for face-amount certificate company. Prior to any offer or sale of face amount certificate Company securities that are covered securities pursuant to section 18(b)(2) of the Secur…

Rule 20:08:07:03.02 Notice filing for Rule 504 and 506 Reg. D offerings. 20:08:07:03.02. Notice filing for Rule 504 and 506 Reg. D offerings. (1) Rule 504. A. Securities offered and sold pursuant to 17 C.F.R. § 230.504 are exempt from SDCL 47-31B-301. In order to qualify for this…

Rule 20:08:07:04 Repealed. 20:08:07:04. Notice filing for Rule 506 Reg. D offerings.Repealed. Source: 28 SDR 48, effective October 10, 2001; 30 SDR 58, effective November 5, 2003; repealed, 30 SDR 211, effective July 1, 2004.

Rule 20:08:07:05 Repealed. 20:08:07:05. Notice filing for industrial revenue bonds.Repealed. Source: 28 SDR 48, effective October 10, 2001; repealed, 30 SDR 211, effective July 1, 2004.