Fresh Cream,Inc.,wants to make an initial public offering of securi-ties.Fresh believes that it qualifies for an exemption under Regulation A from the full registration requirement of the federal Securities Act of 1933.
-Refer to Fact Pattern 26-1.If Fresh is exempt from the federal registration requirement,Fresh is

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Regulation A exempts a company from the full federal registration requirements but it does not necessarily exempt the company from state registration requirements. Therefore, Fresh Cream, Inc. may still need to comply with state registration requirements depending on the state in question.