1. A. Pursuant to Section 58-13C-203, offers made by, or on behalf of, issuers on or through the internet shall be exempt from Sections 58-13C-301 and 58-13C-504 if the following conditions are met:

   (1) the internet offer indicates, directly or indirectly, that the securities are not being offered to residents of this state;

   (2) the internet offer is not specifically directed to any person in this state by, or on behalf of, the issuer of the securities; and

   (3) no sales of the issuer’s securities are made in this state until such time as the securities being offered have been registered or an exemption perfected under the applicable provisions of the New Mexico Uniform Securities Act and, to the extent required, a final prospectus or form U-7 is delivered to New Mexico investors prior to such sales.

2. B. Nothing in this section shall preclude an issuer or a person acting on behalf of an issuer which offers securities on the internet or effects sales to New Mexico residents following such an offering from relying upon any other applicable exemption pursuant to the provisions of the New Mexico Uniform Securities Act, nor shall this section otherwise relieve such persons from liability under the New Mexico Uniform Securities Act.

[12.11.12.22 NMAC - Rp, 12.11.11.23 NMAC, 1-1-2010]