Dairy Stores Inc. owns and operates convenience stores. The firm wants to make an initial public offering of securities. If Dairy qualifies for an exemption from the federal registration requirement, the firm is

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Quizplus · Accepted Answer

Qualifying for an exemption from federal registration requirements does not automatically exempt a firm from state registration requirements. States have their own securities laws, known as "blue sky laws," which may require registration or compliance even if a federal exemption applies.