Fact Pattern 7-1 College Bound, Inc., Markets Test and Study Prep Materials and Prep

Fact Pattern 7-1
College Bound, Inc., markets test and study prep materials and courses. College Bound wants to make an initial public offering of securities. The firm believes that it qualifies for an exemption under Regulation A from the full registration requirement of the Securities Act of 1933.
-Refer to Fact Pattern 7-1. If College Bound is exempt from the federal registration requirement, the firm 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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