S.D. Admin. R. 20:08:03:02 - Record keeping requirements for broker-dealers

(1) Unless otherwise provided by order of the SEC, each broker-dealer registered or required to be registered under SDCL chapter 47-31 B shall make, maintain and preserve books and records in compliance with the SEC rules 17a-3 (17 C.F.R. § 240.17a-3), 17a-4 (17 C.F.R. § 240.17a-4), 15g-9 (17 C.F.R. § 240.15g-9) and 15c2-11 (17 C.F.R. § 240.15c2-11), which are adopted and incorporated by reference.

(2) To the extent that the SEC promulgates changes to the above referenced rules, broker-dealers in compliance with such rules as amended are not subject to enforcement action by the division for violation of this rule to the extent that the violation results solely from the broker-dealer's compliance with the amended rule.

Notes

S.D. Admin. R. 20:08:03:02

27 SDR 5, effective July 31, 2000; 30 SDR 211, effective July 1, 2004.

General Authority: SDCL 47-31B-411(c)(1), 47-31B-605(a)(1), 47-31B-605(b).

Law Implemented: SDCL 47-31B-103, 47-31B-411(c).