(1) A broker-dealer, investment adviser, 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 adviser, BD agent
or IA
rep requirements, as the case may be; and
(2) 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.
(3) 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 administrator.