S.D. Admin. R. 20:06:04:13
Except as provided in § 20:06:04:15, beneficial ownership of securities solely as a settlor or beneficiary of a trust shall be exempt from the provisions of SDCL 58-5-69 where less than 20 percent in market value of the securities having a readily ascertainable market value held by such trust, determined as of the end of the preceding fiscal year of the trust, consists of equity securities with respect to which reports would otherwise be required. Exemption is likewise accorded from SDCL 58-5-69 with respect to any obligation which would otherwise be imposed solely by reason of ownership as settlor or beneficiary of securities held in trust, where the ownership, acquisition, or disposition of such securities by the trust is made without prior approval by the settlor or beneficiary. No exemption pursuant to this section shall, however, be acquired or lost solely as a result of changes in the value of the trust assets during any fiscal year or during any time when there is no transaction by the trust in the securities otherwise subject to the reporting requirements of SDCL 58-5-69.
S.D. Admin. R. 20:06:04:13
General Authority: SDCL 58-5-77.
Law Implemented: SDCL 58-5-69.