S.D. Admin. R. 20:06:03:13

Current through Register Vol. 51, page 67, December 16, 2024

Section 20:06:03:13 - Limitations on definitions

For the purposes of §§ 20:06:03:11 to 20:06:03:22, inclusive, the terms "participant" and "participant in a solicitation" do not include:

(1) A bank, broker, or dealer who, in the ordinary course of business, lends money or executes orders for the purchase or sale of stock and who is not otherwise a participant;

(2) Any person or organization retained or employed by a participant to solicit stockholders or any person who merely transmits proxy soliciting material or performs ministerial or clerical duties;

(3) Any person employed in the capacity of attorney or accountant or advertising, public relations, or financial adviser whose activities are limited to the performance of duties in the course of such employment;

(4) Any person regularly employed as an officer or employee of the insurer or any of its subsidiaries or affiliates who is not otherwise a participant; or

(5) Any officer or director of, or any person regularly employed by any other participant, if the officer, director, or employee is not otherwise a participant.

S.D. Admin. R. 20:06:03:13

SL 1975, ch 16, § 1; 12 SDR 151, 12 SDR 155, effective 7/1/1986.

General Authority: SDCL 58-4-1, 58-5-49.

Law Implemented: SDCL 58-5-49.