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Division of Insurance - Securities Regulation

Securities Registration

All securities offered in South Dakota must be registered or be exempt from registration. Securities not exempt from registration must file an application and pay a fee prior to making any offers in South Dakota. The term "securities" is defined in South Dakota Codified Law (SDCL) 47-31B-102(28).

Public Offerings: SDCL 47-31B-303, 47-31B-304

Coordination and Qualification

See Administrative Rules of South Dakota (ARSD) 20:08:04.

The fees are found in SDCL 47-31B-305. The fee is based on the amount of securities to be offered in South Dakota. For the first $500,000, the fee is $1.00 per thousand. Over $500,000, the fee is $500.00 plus $.75 per thousand. The minimum fee is $100.00. The maximum fee is $2,000. Amendments to the registration are $25.00 plus the above regular fees as set forth in SDCL 47-31B-305(i).

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Open Ends Funds Pursuant to SDCL 47-31B-302

Renewals are annual, and a separate fee is charged for each portfolio, series, class or other designation. The funds are required to submit the net assets of each class or series to determine the fees, unless the maximum fee of $2,000 is paid. The fees are found in SDCL 47-31B-302(a)(1).

For open-end funds with net assets of $0 to $250 million, the fee is $1,000. For open-end funds with net assets over $250 million, the fee is $2,000.

The fee for name changes on each series, class or other designation is $50.00 pursuant to SDCL 47-31B-302(a)(2).

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Closed End Funds Pursuant to SDCL 47-31B-302(a)(1)

See ARSD 20:08:07:02.

For closed end funds, the fee is $250.00.

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Unit Investment Trusts Pursuant to SDCL 47-31B-302(a)(1)

See ARSD 20:08:07:03.

For unit investment trusts, the fee is $150.00.

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Face Amount Certificates

See ARSD 20:08:07:03:01.

The fee is $250.

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Private Offerings: SDCL 47-31B-203

See ARSD 20:08:07:03.02.

For 506 Reg D offerings made pursuant to ARSD 20:08:07:03:02, the fee is $250.00 as set forth in SDCL 47-31B-302(c).

For 504 Reg D offerings made pursuant to ARSD 20:08:07:03:02, the fee is $200.00 as set forth in SDCL 47-31B-203.

For intrastate limited offerings made pursuant to ARSD 20:08:07:25, the fee is $200.00 as set forth in SDCL 47-31B-203.

For model accredited investor offerings made pursuant to ARSD 20:08:07:29, the fee is $200.00 as set forth in SDCL 47-31B-203.

For church extension fund securities offerings made pursuant to SDCL 47-31B-201(7), the fee is $200 as set forth in SDCL 47-31B-203.

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Other Fees

The fee for an Extension of Registration is $100.00 as set forth in SDCL 47-31B-305(g).

The filing fee for Annual Reports is $25.00 as set forth in SDCL 47-31B-305(h).

A request for an opinion or no-action letter is $50.00 as set forth in SDCL 47-31B-605(d).

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If you have questions, please Contact Us.