- (a) The Securities Commissioner may not grant an exemption under this section as the claimant has the burden of proving that the security so qualifies.
- (b) The proof of exemption must be complete before a subscription agreement or other contractual obligation to acquire the security is signed by either party.
- (c) Indications of interest may be solicited and obtained prior to the filing of the proof of exemption, but no offers may be accepted nor any contractual obligations entered into prior to the completion of the filing and subsequent action thereon by the commissioner.