As the SEC web-site indicates, "certain exemptions from registration. . .[are] not required to be registered or qualified by state securities regulators." If a company's issue of stock qualifies under one of these federal exemptions, then state regulators cannot require registration of the issue in their states.
However, "all securities transactions, even exempt transactions, are subject to the antifraud provisions of the federal securities laws. This means that you and your company will be responsible for false or misleading statements that you or others on your behalf make regarding your company, the securities offered, or the offering. You and your company are responsible for any such statements, whether made by your company or on behalf of the company, and regardless of whether they are made orally or in writing."
Which offerings are potentially subject to state registration or qualification under the Securities Act?
For the offerings that are potentially subject to state registration or qualification, each state's securities laws have their own separate registration requirements and exemptions to registration requirements. Even if the offering is not subject to state registration or qualification, there may still be state notice filing requirements and fees.
To locate a state securities regulator and learn more about a particular state's securities laws, please visit the North American Securities Administrators Association (NASAA) website.