Series 63 practice questionmediumIntra-State vs. Inter-State Offerings
An agent in State P is selling an intrastate offering to only State P residents. Which law(s) applies to the offering’s registration?
- AOnly State P’s Blue Sky law✓ Correct answer
- BOnly SEC regulation
- CBoth State P and SEC registration requirements
- DNeither state nor SEC law
Explanation
Why A — Only State P’s Blue Sky law
Intrastate offerings are subject to state Blue Sky laws and are exempt from federal (SEC) registration under Rule 147 (USA Section 402(b)). Both state and SEC registration is not required (C), nor is only SEC (B), and registration is not universally waived (D).
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