Series 63: 3.1.5.1 Exceptions For Media From Other States

3.1.5.1  Exceptions for Media from Other States

Certain kinds of communications may not be considered an offer within a state. Specifically, advertisements in bona fide newspapers and other publications of regular circulation that are not published within a given state do not constitute offers within that state. Also, if two-thirds of a publication’s circulation is outside the state in which it is published (such as for national magazines), then its advertisements do not count as offers even in the state in which the p