ARSD 20:08:07:43. Transactional exemption from registration of issuers that comply with ongoing reporting requirements under Tier 2 of Regulation A

Secondary sales of securities of an issuer that previously sold securities in an offering qualified under Tier 2 of Regulation A of the Securities Act of 1933 are exempt, provided that the issuer is subject to and current in its ongoing reporting requirements under 17 CFR § 230.257(b) (July 1, 2020) at the time of the sale and that the issuer complies with the terms of the exemption from registration in SDCL subdivision 47-31B-202(2).