<html> <head> <title>Rule 20:08:07:32 Canadian-United States cross-border trading exemption.</title> <META NAME="Keywords" Content="Administrative Rules 20:08:07:32"> <META NAME="Description" Content="Administrative Rules 20:08:07:32 Canadian-United States cross-border trading exemption."> <meta name=Generator content="Microsoft Office HTML Filter 2.0"> <meta http-equiv=Content-Type content="text/html; charset=windows-1252"> <meta name=Originator content="Microsoft Word 10"> <style> <!-- --> </style> </head> <body lang=EN-US> <div> <p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <b>20:08:07:32.&nbsp;&nbsp;Canadian-United States cross-border trading exemption.</b> Any offer or sale of a security effected by a Canadian broker-dealer exempted from broker-dealer registration pursuant to SDCL <A HREF="/statutes/DisplayStatute.aspx?Type=Statute&Statute=47-31B-401(d)">47-31B-401(d)</A> is exempted from the securities registration requirements of SDCL 47-31B-301.</p> <p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <b>Source:</b> 30 SDR 211, effective July 1, 2004.</p> <p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <b>General Authority:</b> SDCL <A HREF="/statutes/DisplayStatute.aspx?Type=Statute&Statute=47-31B-605(a)(1)">47-31B-605(a)(1)</A>, <A HREF="/statutes/DisplayStatute.aspx?Type=Statute&Statute=47-31B-605(a)(3)">47-31B-605(a)(3).</A></p> <p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <b>Law Implemented:</b> SDCL <A HREF="/statutes/DisplayStatute.aspx?Type=Statute&Statute=47-31B-203">47-31B-203.</A></p> </div> </body> </html>