When you register a security, you're giving the state a full explanation of what that security is and letting the Administrator put a tracking tag on it. The state wants these details on any security being sold to investors within its state borders because it gives them a window into what's out there on the market.
But not every security needs the state's regulation. The job of the state Administrator is to protect the public from buying sour securities, mostly from small, shady companies and...
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