The notice filing for a federal covered investment adviser pursuant to SDCL 47-31B-405(a) of the Act shall be filed electronically with IARD on an executed Form ADV [17 C.F.R. 279.1] (UniformApplicationforInvestmentAdviserRegistration). A notice filing of a federal covered investment adviser shall be deemed filed when the fee required by SDCL 47-31B-410(e) and the Form ADV are filed electronically with and accepted by IARD on behalf of the state.

1. (1) Form ADV Part 2 (UniformRequirementsfortheInvestmentAdviserBrochureandBrochureSupplements). The director may:

   1. (a) Accept a copy of Part 2 of Form ADV as filed electronically with IARD; or
   2. (b) Deem Part 2 of Form ADV filed if a federal covered investment adviser provides, within 5 days of a request, Part 2 of Form ADV to the director. Because the director deems Part 2 of Form ADV to be filed, a federal covered investment adviser is not required to submit Part 2 of Form ADV to the director unless requested.
2. (2) Renewal. The annual renewal of the notice filing for a federal covered investment adviser pursuant to SDCL 47-31B-405(c) shall be filed electronically with IARD. The renewal of the notice filing for a federal covered investment adviser shall be deemed filed when the fee required by SDCL 47-31B-410(e) is filed with and accepted by IARD on behalf of the state.
3. (3) Updates and amendments. A federal covered investment adviser must file electronically with IARD, in accordance with the instructions in the Form ADV, any amendments to the federal covered investment adviser's Form ADV.

Source: 37 SDR 112, effective December 9, 2010.

General Authority: SDCL 47-31B-405(a) and (c), 47-31B-410(e) and (f), 47-31B-605(a)(1), 47-31B-605(b), 47-31B-608(c)(1).

Law Implemented: SDCL 47-31B-103 , 47-31B-405(a) and (c), 47-31B-410(e) and (f).