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A broker-dealer, investment advisor, BD agent or IA rep may only transact business
in a particular state after licensure satisfying qualifications requirements of
that state, or if they are excluded or exempted from the state's broker-dealer,
investment adviser, BD agent or IA rep requirements, as the cause may be:
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.
For information concerning the licensure status or disciplinary history of
a broker-dealer, investment adviser, BD agent or IA rep, a consumer should contact
his or her state securities law administrator.
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