S.D. Admin. R. 20:08:03:03

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

Section 20:08:03:03 - Broker-dealer minimum financial requirements

(1) Each broker-dealer registered or required to be registered under SDCL chapter 47-31 B, shall comply with SEC Rules 15c3-1 ( 17 C.F.R. § 240.15c3-1), 15c3-2 ( 17 C.F.R. § 240.15c3-2), and 15c3-3 ( 17 C.F.R. § 240.15c3-3), which are adopted and incorporated by reference.

(2) Each broker-dealer registered or required to be registered under SDCL chapter 47-31 B shall comply with SEC Rule 17a-11 (17 C.F.R §. 240.17a-11) and shall file with the division upon request copies of notices and reports required under SEC Rules 17a-5 (17 C.F.R. § 240.17a-5), 17a-10 (17 C.F.R. § 240.17a-10), and 17a-11 (17 C.F.R. § 240.17a-11), which are adopted and incorporated by reference.

(3) To the extent the SEC promulgates changes to the above referenced rules, broker-dealers in compliance with such rules as amended are not subject to enforcement action by the division for violation of this rule to the extent that the violation results solely from the broker-dealer's compliance with the amended SEC rule.

(4) Financial Reports: Broker-dealer financial reports do not need to be filed with the division unless requested by the director.

S.D. Admin. R. 20:08:03:03

27 SDR 5, effective 7/31/2000; 30 SDR 211, effective 7/1/2004.

General Authority: SDCL 47-31B-411(a), 47-31B-605(a)(1), 47-31B-605(b), 47-31B-605(c).

Law Implemented: SDCL 47-31B-103, 47-31B-411.