Fact Pattern 21-1 (Questions 11-12 Apply)

Fact Pattern 21-1 (Questions 11-12 apply)
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 21-1. If Fresh is exempt from the federal registration requirement, Fresh 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.