Fact Pattern 28-1 College Bound,Inc. ,Markets Test and Study Prep Materials and Courses.College

Fact Pattern 28-1
College Bound,Inc. ,markets test and study prep materials and courses.College Bound wants to make an initial public offering of securities.The firm believes that it qualifies for an exemption under Regulation A from the full registration requirement of the Securities Act of 1933.
-Refer to Fact Pattern 28-1.If College Bound is exempt from the federal registration requirement,the firm is​

A) automatically exempt from any state registration requirement.
B) not subject to any state securities laws.
C) not necessarily exempt under a state registration requirement.
D) automatically subject to all state registration requirements.