South Dakota law

Securities & Finance Laws in South Dakota.

Federal securities law ('33 Act, '34 Act, '40 Act) is administered by the SEC. South Dakota supplements with the South Dakota Securities Act (SDCL Chapter 47-31B), administered by the Division of Insurance, Securities Regulation. The Act governs registration of securities (where not federally preempted), broker-dealers, investment advisers, and agents, and provides state anti-fraud remedies. South Dakota's major financial-services sector (Citibank, Wells Fargo credit-card operations) produces significant federal-law securities and banking practice, though state-law matters are more limited.