South Dakota Administrative Rules
Title 20 - PUBLIC SAFETY
Article 20:08 - SECURITIES
Chapter 20:08:03 - Broker-dealer and agent rules
Section 20:08:03:16 - Employee of the issuer exemption
Universal Citation: SD Admin Rules 20:08:03:16
Current through Register Vol. 50, page 114, March 25, 2024
An employee who represents an issuer and who effects transactions in the issuer's securities exempted by SDCL 47-31B-202(11) and 47-31B-202(14) is exempt from agent registration under SDCL 47-31B-402(a) if the employee does not receive a commission or other remuneration for making offers or sales of the issuers securities.
For purposes of this rule, a managing member of a limited liability company or a general partner of the issuer, and officers and directors of the issuer, are deemed to be employees of the issuer.
General Authority: SDCL 47-31B-102(2), 47-31B-402(b)(a)(9).
Law Implemented: SDCL 47-31B-102(2), 47-31B-402(a)(9).
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