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The Division of Securities has enacted a new franchise act under chapter 37-5B entitled "Franchise Investment." The new chapter went into effect July 1, 2008. Chapter 37-5A was repealed.
The new Act coordinates state and federal law with respect to the disclosure requirements and exemptions. Under the new Act, South Dakota will be a notice filing state that only requires the filing of one clean copy of the most recent updated Franchise Disclosure Document (“FDD”), on an annual basis. Unless there is an auditors going concern, there are no other filings required throughout the year. The general notice filing requirements are found in Section 5 of the new Act. The FDD must meet the requirements of 16 C.F. R. Part 436 and there are no additional state requirements.
The Division accepts unbound paper filings of the FDD. The FDD may also be filed in the form of a CD that can be downloaded and printed. The Division encourages franchisors to use the new CD filing format which will save paper and reduce the cost of delivering documents. The Division’s electronic systems will accept the Microsoft Word (2002) format, PDF or image files such as .jpeg and .TIF formats.
General Topics
Notice filing Rule 506. Pursuant to rule 20:08:07:03.02(3), the Division as a policy will accept an electronically signed Form D. The Division will also accept the consent to Service of Process as contained in the electronic Form D in lieu of the paper Form U-2. The appendix in the old Form D also does not have to be filed with the Division.
The Division of Securities sets rules and procedures to ensure that investments sold in South Dakota meet standards of full disclosure.
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