S.D. Admin. R. 20:06:04:15
Not more than one report need be filed to report any holdings or with respect to any transaction in securities held by a trust, regardless of the number of officers, directors, or 10 percent stockholders who are either trustees, settlors, or beneficiaries of a trust. The report filed shall disclose the names of all trustees, settlors, and beneficiaries who are officers, directors, or 10 percent stockholders. A person having an interest only as a beneficiary of a trust is not required to file such a report as long as the person relies in good faith upon an understanding that the trustee of the trust will file whatever reports might otherwise be required of the beneficiary.
S.D. Admin. R. 20:06:04:15
General Authority: SDCL 58-5-77.
Law Implemented: SDCL 58-5-69.