S.D. Admin. R. 20:08:07:23 - Sales to existing security holders/standby commissions
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.
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