20 : 08 : 07 : 42 . Notice filing requirement for Regulation A - Tier 2 offering. The following provisions apply to offerings made under Tier 2 of federal Regulation A and Section 18(b)(3) of the Securities Act of 1933:

1. (1) An issuer planning to offer and sell securities in this state in an offering exempt under Tier 2 of federal Regulation A shall submit the following at least twenty-one calendar days prior to the initial sale in this state:

   1. (a) A completed Regulation A - Tier 2 notice filing form or copies of all documents filed with the Securities and Exchange Commission;
   2. (b) A consent to service of process on Form U-2 if not filing on the Regulation A - Tier 2 notice filing form; and
   3. (c) The filing fee prescribed by SDCL 47-31B-302(e);
2. (2) The initial notice filing is effective for twelve months from the date of the filing with this state; and

3. (3) For each additional twelve-month period in which the same offering is continued, an issuer conducting a Tier 2 offering under federal Regulation A must renew its notice filing by filing the following on or before the expiration of the notice filing:

   1. (a) The Regulation A - Tier 2 notice filing form marked "renewal";
   2. (b) A cover letter requesting renewal; and
   3. (c) The filing fee prescribed by SDCL 47-31B-302(e).

Source: 44 SDR 99, effective December 11, 2017.

General Authority: SDCL 47-3 1 B-302 , 47-3 1 B-605.

Law Implemented: SDCL 47-3 1 B-103, SDCL 47-3 1 B-302.