S.D. Admin. R. 20:08:03:03 - Broker-dealer minimum financial requirements
(1)
Each broker-dealer registered or required to be registered under SDCL chapter
47-31 B, shall comply with SEC Rules 15c3-1 (17 C.F.R. § 240.15c3-1),
15c3-2 (17 C.F.R. § 240.15c3-2), and 15c3-3 (17 C.F.R. § 240.15c3-3),
which are adopted and incorporated by reference.
(2) Each broker-dealer registered or required
to be registered under SDCL chapter 47-31 B shall comply with SEC Rule 17a-11
(17 C.F.R §. 240.17a-11) and shall file with the division upon request
copies of notices and reports required under SEC Rules 17a-5 (17 C.F.R. §
240.17a-5), 17a-10 (17 C.F.R. § 240.17a-10), and 17a-11 (17 C.F.R. §
240.17a-11), which are adopted and incorporated by reference.
(3) To the extent 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 SEC rule.
(4) Financial Reports: Broker-dealer
financial reports do not need to be filed with the division unless requested by
the director.
Notes
General Authority: SDCL 47-31B-411(a), 47-31B-605(a)(1), 47-31B-605(b), 47-31B-605(c).
Law Implemented: SDCL 47-31B-103, 47-31B-411.
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