Securities offered and sold entirely within one state by a corporation of that state are exempt from registration.

Question

Quizplus · Accepted Answer

This is known as the intrastate offering exemption and is provided under Section 3(a)(11) of the Securities Act of 1933. The exemption only applies if the issuer and all purchasers are residents of the same state and the securities do not subsequently leave the state for at least nine months after the date of sale.

Securities Offered and Sold Entirely Within One State by a Corporation