47-31B-405. Federal covered investment adviser notice filing requirement.
(a) Notice filing requirement. Except with respect to a federal covered investment adviser described in subsection (b), it is unlawful for a federal covered investment adviser to transact business in this state as a federal covered investment adviser unless the federal covered investment adviser complies with subsection (c).
(b) Notice filing requirement not required. The following federal covered investment advisers are not required to comply with subsection (c):
(1)A federal covered investment adviser without a place of business in this state if its only clients in this state are:
(A)Federal covered investment advisers, investment advisers registered under this chapter, and broker-dealers registered under this chapter;
(B)Institutional investors;
(C)Bona fide preexisting clients whose principal places of residence are not in this state; or
(D)Other clients specified by rule adopted or order issued under this chapter;
(2)A federal covered investment adviser without a place of business in this state if the person has had, during the preceding twelve months, not more than five clients that are resident in this state in addition to those specified under paragraph (1); and
(3)Any other person excluded by rule adopted or order issued under this chapter.
(c) Notice filing procedure. A person acting as a federal covered investment adviser, not excluded under subsection (b), shall file a notice, a consent to service of process complying with §47-31B-611, and such records as have been filed with the Securities and Exchange Commission under the Investment Advisers Act of 1940 required by rule adopted or order issued under this chapter and pay the fees specified in §47-31B-410(e).
(d) Effectiveness of filing. The notice under subsection (c) becomes effective upon its filing.
Source: SL 2004, ch 278, §21.
Structure South Dakota Codified Laws
Chapter 31B - Uniform Securities Act Of 2002
Section 47-31B-101 - Short title.
Section 47-31B-102 - Definitions.
Section 47-31B-103 - References to federal statutes.
Section 47-31B-104 - References to federal agencies.
Section 47-31B-105 - Electronic records and signatures.
Section 47-31B-201 - Exempt securities.
Section 47-31B-202 - Exempt transactions.
Section 47-31B-203 - Additional exemptions and waivers.
Section 47-31B-204 - Denial, suspension, revocation, condition, or limitation of exemptions.
Section 47-31B-301 - Securities registration requirement.
Section 47-31B-302 - Notice filing.
Section 47-31B-303 - Securities registration by coordination.
Section 47-31B-304 - Securities registration by qualification.
Section 47-31B-305 - Securities registration filings.
Section 47-31B-306 - Denial, suspension, and revocation of securities registration.
Section 47-31B-307 - Waiver and modification.
Section 47-31B-401 - Broker-dealer registration requirement and exemptions.
Section 47-31B-402 - Agent registration requirement and exemptions.
Section 47-31B-403 - Investment adviser registration and exemptions.
Section 47-31B-404 - Investment adviser representative registration requirement and exemptions.
Section 47-31B-405 - Federal covered investment adviser notice filing requirement.
Section 47-31B-407 - Succession and change in registration of broker-dealer or investment advisor.
Section 47-31B-410 - Filing fees.
Section 47-31B-411 - Postregistration requirements.
Section 47-31B-501 - General fraud.
Section 47-31B-502 - Prohibited conduct in providing investment advice.
Section 47-31B-503 - Evidentiary burden.
Section 47-31B-504 - Filing of sales and advertising literature.
Section 47-31B-505 - Misleading filings.
Section 47-31B-506 - Misrepresentations concerning registration or exemption.
Section 47-31B-507 - Qualified immunity.
Section 47-31B-508 - Criminal penalties.
Section 47-31B-509 - Civil liability.
Section 47-31B-510 - Rescission offers.
Section 47-31B-601 - Administration.
Section 47-31B-602 - Investigations and subpoenas.
Section 47-31B-603 - Civil enforcement.
Section 47-31B-604 - Administrative enforcement.
Section 47-31B-605 - Rules, forms, orders, interpretive opinions, and hearings.
Section 47-31B-606 - Administrative files and opinions.
Section 47-31B-607 - Public records--Confidentiality.
Section 47-31B-608 - Uniformity and cooperation with other agencies.
Section 47-31B-609 - Judicial review.
Section 47-31B-610 - Jurisdiction.
Section 47-31B-611 - Service of process.
Section 47-31B-612 - Severability clause.
Section 47-31B-703 - Application of chapter to existing proceeding and existing rights and duties.