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 makes a general solicitation.
B. The securities may be resold without restriction.
C. Issuer tests the waters by making written advertisements.
D. Sales are made before the offering statement is approved by the SEC.
Answer: D. Sales are made before the offering statement is approved by the SEC.
Business
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