A broker-dealer that is not registered in a state sells non-exempt securities in non-exempt transactions to customers located in that state. that state's administrator will, require the broker-dealer to make an offer of rescission to each purchaser in that State.
The federal securities laws' antifraud requirements apply to all securities transactions, even those that are excluded.
This implies that any false or misleading representations made about your business, the securities being offered, or the offering by you or anyone acting on your behalf will be held accountable for by both you and your company.
Any such representations, whether made by your company or on its behalf, and whether made orally or in writing, are the responsibility of you and your company.
The federal securities laws are enforced by the government through criminal, civil, and administrative actions. Certain securities regulations also permit private parties to file lawsuits.
Additionally, buyers might be able to return their stocks and get a refund if the exemptions' requirements are not met.
To learn more about Federal Securities Laws here
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