In designating a foreign jurisdiction under SDCL 47-31B-202(23), the director shall consider whether a foreign jurisdiction's laws provide substantially similar protection to investors as is provided by the Securities Exchange Act of 1934 with respect to securities listed on a national securities exchange in the United States. However, the director may waive a particular requirement for national exchanges under the Securities Exchange Act of 1934 when making a determination for designating a foreign jurisdiction or exchange designation.

Source: 30 SDR 211, effective July 1, 2004.

General Authority: SDCL 47-31B-202(23) , 47-31B-605(a)(1).

Law Implemented: SDCL 47-31B-103 , 47-31B-202(23).