A broker/dealer, investment advisor, BD agent, or IA rep may only transact business in a particular state after licensure or satisfying qualifications requirements of that state, or only if they are excluded or exempted from the state’s broker/dealer, investment advisor, 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 advisor, BD agent, or IA rep that involve either the affecting or attempting to affect 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 advisor, BD agent, or IA rep requirements, or pursuant to an applicable state exemption or exclusion.
