S.D. Codified Laws § 47-31B-301
registration requirement
It is unlawful for a person to offer or sell a security in this state unless:
(1) The security is a federal covered security;
(2) The security, transaction, or offer is exempted from registration under §§ 47-31B-201 through 47-31B-203 ; or
(3) The security is registered under this chapter.
Source: SL 2004, ch 278, § 10.