|(a) Scope. This chapter covers filings and fees required to be paid in connection with the issuance of an authorization to offer and sell federal covered securities. (b) Availability of a corresponding state exemption. Except as otherwise provided herein, the filing and fee requirements detailed in this chapter do not apply to federal covered securities that are exempt from registration pursuant to the Texas Securities Act, §5 or §6, or by Board rule pursuant to the Texas Securities Act, §5.T. Transactions in federal covered securities may be exempt under any other Board rule or section of the Texas Securities Act; however, nothing in this chapter shall act as an election. Should for any reason, the offer and sale of federal covered securities fail to comply with all of the conditions in this chapter, a person may claim the availability of any other applicable exemption. A person, claiming an exemption outside this chapter, must comply
with all conditions associated with that exemption.