RegistrationQuestion 21 of 100
A securities offering is advertised in a television broadcast that originates outside State C but is viewed by residents of State C. Under the Uniform Securities Act, the offer is:
a.Deemed made in State C because residents saw it
b.Deemed made in State C only if a State C resident responds
c.Not deemed made in State C, because the broadcast originated outside the state
d.Deemed made in every state where the signal is received
Explanation
The act contains a media exception: an offer is not deemed made in a state when it appears in a bona fide newspaper or periodical published outside the state, or in a radio or television broadcast originating outside the state. The point of origination controls, not where the signal lands. A resident's response would create an ordinary transaction subject to the usual rules, but it does not retroactively make the broadcast an in-state offer.
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