877-218-1776 
Offers of exempt securities are not required to be registered with the Administrator. Also, securities offered through exempt transactions are either not required to be registered with the Administrator or are subject to scaled-down requirements. If a company in the state offers 40% of its stock to a venture capital firm, this is an exempt transaction. The company files a notice with the Administrator after the fact. Very little disclosure of the transaction or the parties involved is provided/required.
Exempt securities, such as Treasury and municipal securities, are not subject to any registration requirement by the Administrator.
So, an offer of municipal securities is an offer of exempt securities rather than an offer of non-exempt securities being done through an exempt transaction. Exempt securities offerings are “good to go” by their nature. Only securities without exemptions require transactional exemptions, including private placements and offerings to institutional investors, if the issuer wants to avoid the typical registration process with the Administrator.