20:08:05:14Investment adviser

representative definitions. Notwithstanding SDCL 47-31B-102(16), the term "investment adviser representative" as it applies to a person who is employed by or associated with a federal covered investment adviser only includes an individual who has a "place of business" in this jurisdiction, as that term is defined in Part 275.203A-3(b) of the Investment Advisers Act of 1940 by the U.S. Securities and Exchange Commission, and who either: (1) Is an "investment adviser representative" as that term is defined in Part 275.203A-3(a)(1) of the Investment Advisers Act of 1940 by the U.S. Securities and Exchange Commission; or (2) Is not a "supervised person" as that term is defined in rules or regulations promulgated under Section 202(a)(25) of the Investment Advisers Act of 1940 by the U.S. Securities and Exchange Commission; and solicits, offers or negotiates for the sale of or sells investment advisory services on behalf of a federal covered investment adviser.

Source: 37 SDR 112, effective December 9, 2010.