It is unlawful for a person to offer or sell a security in this state unless: (1) The security is a federal covered security; (2) The security, transaction, or offer is exempted from registration under §§ 47-31B-201 through 47-31B-203 ; or (3) The security is registered under this chapter. Source: SL 2004, ch 278 , § 10.
Securities registration requirement
SDCL § 47-31B-301 — under UNIFORM SECURITIES ACT OF 2002.
SDCL § 47-31B-301