South Dakota § 4-5-57 Indirect holdings in actively managed investment funds.

South Dakota Statutes

§ 4-5-57 — Indirect holdings in actively managed investment funds.

South Dakota·Title 4 PUBLIC FISCAL ADMINISTRATION·Ch. 4-3 CUSTODY AND INVESTMENT OF STATE FUNDS

The provisions of §§ 4-5-48 to 4-5-60 , inclusive, do not apply to indirect holdings in actively managed investment funds. The State Investment Council shall submit letters to the managers of investment funds containing companies with scrutinized active business operations requesting the managers to consider removing such companies from the fund or to create a similar actively managed fund with indirect holdings that do not include the companies. If a manager creates a similar fund, the State Investment Council shall promptly replace all applicable investments with investments in the similar fund consistent with prudent investing standards.

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The provisions of §§ 4-5-48 to 4-5-60 , inclusive, do not apply to indirect holdings in actively managed investment funds. The State Investment Council shall submit letters to the managers of investment funds containing companies with scrutinized active business operations requesting the managers to consider removing such companies from the fund or to create a similar actively managed fund with indirect holdings that do not include the companies. If a manager creates a similar fund, the State Investment Council shall promptly replace all applicable investments with investments in the similar fund consistent with prudent investing standards.

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