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A broker/dealer, investment advisor, BD agent or IA rep may only
transact business in a particular state after
licensure or satisfying qualification requirements of that state, or
only if they are excluded or exempted
from the state's broker/dealer, investment adviser, or BD agent or
IA rep requirements, as the case may be;
and follow-up, individualized responses to consumers in a
particular state by broker/dealer, investment adviser,
BD agent or IA rep that involve either the effecting or attempting to
effect transactions in securities or the
rendering of personalized investment advice for compensation, as
the case may be, shall not be made without
first complying with the state's broker/dealer, investment adviser,
BD agent or IA rep requirements, or pursuant
to an applicable state exemption or exclusion.
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