ARSD 20:06:04:20. Exemption for small transactions

Any acquisition of securities shall be exempt from SDCL 58-5-69 where the person effecting the acquisition does not: (1) Within 6 months thereafter effect any disposition, otherwise than by way of gifts, of securities of the same class; and (2) Participate in acquisitions or in dispositions of securities of the same class having a total market value in excess of $3,000 for any 6-month period during which the acquisition occurs.