South Dakota Administrative Rules
Title 20 - PUBLIC SAFETY
Article 20:08 - SECURITIES
Chapter 20:08:07 - Notice filings for covered securities and registration exemptions
Section 20:08:07:23 - Sales to existing security holders/standby commissions
Universal Citation: SD Admin Rules 20:08:07:23
Current through Register Vol. 50, page 114, March 25, 2024
For purposes of SDCL 47-31B-202(15), a standby commission means payment to an underwriter for risk and services in connection with the commitment to take down any portion of the offering which is not taken down by the security holders. No other commissions or remuneration may be paid. If a commission is paid, the issuer must file a notice specifying the terms of the offer to the director prior to making the offer to security holders.
General Authority: SDCL 47-31B-605(a)(1) and (2).
Law Implemented: SDCL 47-31B-202(15), 47-31B-203.
Disclaimer: These regulations may not be the most recent version. South Dakota may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
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