S.D. Admin. R. 20:08:07:39 - Isolated non-issuer exemption

The term, isolated, as used in SDCL 47-31B-202(1), means standing alone, detached, separate as opposed to repeated or successive. Whether a sale is isolated depends upon the facts and circumstances of each transaction in the light of the purpose of chapter 47-31 B. A non-issuer transaction is a transaction or distribution not directly or indirectly for the benefit of the issuer


S.D. Admin. R. 20:08:07:39
37 SDR 112, effective December 9, 2010.

General Authority: SDCL 47-31B-605(a)(3).

Law Implemented: SDCL 47-31B-202(1).

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