A company conducts an offering under SEC Rule 147 (intrastate exemption) in State Y. Which regulatory authority applies?

1. AState Y may require registration or an exemption filing and enforce antifraud rules.✓ Correct answer
2. BNSMIA preempts State Y from requiring registration or filings.
3. CThe offering is exempt from both federal and state regulation.
4. DOnly the SEC may bring antifraud actions for this offering.

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