Regulation A provides an exemption for issuers of securities under the Securities Act of 1933. In reliance on Regulation A, Issuer has offered $18 million of securities for sale during the current calendar year. Which of the following violates federal securities laws and regulations?
A. Issuer sells to 50 nonaccredited investors.
B. Issuer does not make annual filings.
C. Issuer does not register under state blue-sky laws.
D. Issuer filed financial statements for the last 2 complete fiscal years.
Answer: C. Issuer does not register under state blue-sky laws.
Business
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