S.D. Admin. R. 20:08:05:14 - Investment adviser representative definitions

Notwithstanding SDCL 47-31B-102(16), the term "investment adviser representative" as it applies to a person who is employed by or associated with a federal covered investment adviser only includes an individual who has a "place of business" in this jurisdiction, as that term is defined in Part 275.203A-3(b) of the Investment Advisers Act of 1940 by the U.S. Securities and Exchange Commission, and who either:

(1) Is an "investment adviser representative" as that term is defined in Part 275.203A-3(a)(1) of the Investment Advisers Act of 1940 by the U.S. Securities and Exchange Commission; or

(2) Is not a "supervised person" as that term is defined in rules or regulations promulgated under Section 202(a)(25) of the Investment Advisers Act of 1940 by the U.S. Securities and Exchange Commission; and

solicits, offers or negotiates for the sale of or sells investment advisory services on behalf of a federal covered investment adviser.

Notes

S.D. Admin. R. 20:08:05:14

37 SDR 112, effective 12/9/2010.

General Authority: SDCL 47-31B-605(a)(2).

Law Implemented: SDCL 47-31B-103, 47-31B-404(a).