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 publication is pub