Sections 58-5-68 to 58-5-78, inclusive, shall not be construed to cover any transaction where such beneficial owner was not such both at the time of the purchase and sale, or the sale and purchase, of the security involved, or any transaction which the director of the Division of Insurance by rules and regulations may exempt as not comprehended within the purpose of said sections.
S.D. Codified Laws § 58-5-73
Exemption from insider trading restrictions
Source: SL 1966, ch 111, ch 16, § 27 (2).
Official source: South Dakota Legislature. Reproduced from public-domain South Dakota statutes; confirm against the official source for the current text. Not legal advice.