Detailed Answer
(d) Even though the issuer may comply with the Federal
Securities Act of 1933, it must also comply with any applicable
state “blue-sky†laws that regulate the securities at the state level.
Answer (a) is incorrect because it is unlawful for the company to
offer or sell the securities prior to the effective registration date.
Answer (b) is incorrect because registration becomes effective on
the twentieth day after filing unless the SEC issues a stop order.
Answer (c) is incorrect because a prospectus is any notice, circular,
advertisement, letter, or communication offering the security
for sale. No general offering or solicitation is allowed under
Rules 505 or 506 of Regulation D whether the purchaser is accredited
or not.