Any transaction which has been or shall be exempted from the requirements of N.J.S.A. 17:17B-1 shall, insofar as it is otherwise subject to the provisions of N.J.S.A. 17:17B-2 be likewise exempted from N.J.S.A. 17:17B-2.
N.J. Admin. Code § 11:2-9.11
See: 27 New Jersey Register 3278(b), 28 New Jersey Register 152(b).