The State Auditor is the Commissioner of Securities and, as such, administers the Act. Sales of securities, except those exempted or sold in exempt transactions, are unlawful unless the securities have been registered. A registration statement may be filed by the issuer, any other person on whose behalf the offering is to be made, or a registered broker-dealer.
Every registration remains in effect for one year or longer under specified conditions.
Any security for which a registration statement has been filed under the Securities Act of 1933, as amended, in connection with the same offering may be registered by coordination. The registration statement becomes effective automatically at the moment the federal registration becomes effective. Any security may be registered by qualification. A registration statement becomes effective when the Commissioner so orders. D. Advertising Any prospectus, pamphlet, circular, form letter, advertisement or any other sales literature or advertising communication addressed or intended for distribution to prospective investors, must be filed before it is used, unless the security or transaction is exempted.