S.D. Admin. R. 20:06:31:04.03
Assets deposited in trusts established pursuant to SDCL 58-14-11 and this chapter shall be valued according to their current fair market value and shall consist only of cash in U.S. dollars, certificates of deposit issued by a U.S. financial institution as defined SDCL 58-14-16.18, clean, irrevocable, unconditional and evergreen letters of credit issued or confirmed by a qualified U.S. financial institution, as defined in SDCL 58-14-16.18, and investments of the type specified in this chapter, but investments in or issued by an entity controlling, controlled by or under common control with either the grantor or beneficiary of the trust may not exceed five percent of total investments. No more than 20 percent of the total of the investments in the trust may be foreign investments authorized under §§ 20:06:31:04.04(5), 20:06:31:04.06, 20:06:31:04.09(2) or 20:06:31:04.10, and no more than ten percent of the total of the investments in the trust may be securities denominated in foreign currencies. A depository receipt denominated in U.S. dollars and representing rights conferred by a foreign security shall be classified as a foreign investment denominated in a foreign currency. The assets of a trust established to satisfy the requirements of SDCL 58-14-11 shall be invested in accordance with §§ 20:06:31:04.04 to 20:06:31:04.13, inclusive.
S.D. Admin. R. 20:06:31:04.03
General Authority: SDCL 58-14-17.
Law Implemented: SDCL 58-14-11, 58-14-13, 58-14-17, 58-14-20.