S.D. Admin. R. 20:08:03:14

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

Section 20:08:03:14 - Broker-dealer conduct on the premises of financial institutions

(1) No broker-dealer may conduct broker-dealer services on the premises of a financial institution where retail deposits are taken unless the broker-dealer complies initially and continuously with the requirements set forth in FINRA Rule 3160.

(2) This section does not alter or abrogate a broker-dealer's obligations to comply with other applicable laws, rules, or regulations that may govern the operations of broker-dealers and their agents, including but not limited to, supervisory obligations. These rules do not apply to broker-dealer services provided to nonretail customers.

(3) Definitions:

(a) For purposes of this section, the term financial institution means federal and state-chartered banks, savings and loan associations, savings banks, credit unions, and the service corporations of such institutions located in South Dakota.

(b) "Broker-dealer services" means the investment banking or securities business as defined in paragraph (u) of Article I of the By-Laws of FINRA.

S.D. Admin. R. 20:08:03:14

27 SDR 5, effective 7/31/2000; 30 SDR 211, effective 7/1/2004; 37 SDR 112, effective 12/9/2010.

General Authority: SDCL 47-31B-605(a)(1) to (3), inclusive.

Law Implemented: SDCL 47-31B-605(a)(2), 47-31B-605(a)(3).