Registration Requirement

It is unlawful for any person to offer any security in Guam unless

(1)it is registered under this Act or

(2)the security or transaction is exempted under §46402 or

(3)the security is a federal covered security. For the purposes of this Chapter the term "federal covered security" means a security that is, or upon completion of a transaction will be, a covered security under Section 18(b) of the Securities Act of 1933 (15 U.S.C. §77r(b)) or rules and regulations adopted pursuant to that Provision.