20:08:07:39Isolated non-issuer
Section · Administrative Rules of South Dakota · View on sdlegislature.gov ↗
exemption. The term, isolated, as used in SDCL 47-31B-202(1), means standing alone, detached, separate as opposed to repeated or successive. Whether a sale is isolated depends upon the facts and circumstances of each transaction in the light of the purpose of chapter 47-31B. A non-issuer transaction is a transaction or distribution not directly or indirectly for the benefit of the issuer.
Source: 37 SDR 112, effective December 9, 2010.