ARSD 20:08:07:43 – Transactional exemption from registration of issuers that comply with ongoing reporting requirements under Tier 2 of Regulation A.

20 : 08 : 07 : 43 . Transactional exemption from registration of issuers that comply with ongoing reporting requirements under Tier 2 of Regulation A. Secondary sales of securities of an issuer that previously sold securities in an offering qualified under Tier 2 of Regulation A of the Securities Act of 1933 are exempt, provided that the issuer is subject to and current in its ongoing reporting requirements under 17 CFR § 230.257(b) (July 1, 2020) at the time of the sale and that the issuer complies with the terms of the exemption from registration in SDCL subdivision 47-31B-202(2).

Source: 47 SDR 68 , effective December 7, 2020 .

General Authority: SDCL 47-31B-203, 47-31B-605.

Law Implemented: SDCL 47-31B-202(2) .