Fact Pattern 31-1

question 45

Multiple Choice

Fact Pattern 31-1
Fresh Cream, Inc., wants to make an initial public offering of securities. 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 31-1. 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.

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