April 3, 1989
TO: UNIT INVESTMENT TRUST COMMITTEE NO. 15-89
RE: RESALE TRADING EXEMPTION IN SOUTH DAKOTA
__________________________________________________________
The Institute has recently received a copy of an
interpretive opinion issued by the South Dakota Department of
Commerce and Regulation to Orrick, Herrington & Sutcliffe. The
interpretive opinion provides that pursuant to the Department's
authority to grant a transactional exemption, the Department has
determined that it is in the public interest to allow unit trusts
to utilize the exemption at Section 47-31A-402(b)(2) of the South
Dakota Securities Act for resales of units of unit trusts.
Attached is a copy of the interpretive opinion.
Natalie Shirley
Associate General Counsel
Attachment