(a) It is the policy of the State Securities Board to refuse to grant any exemptions by order under §5.T of the Securities Act for specific individual transactions or issuers.(b) The company or person engaged in a transaction exempt under a rule adopted pursuant to the Securities Act, §5.T, shall not be deemed a dealer within the meaning of the Act unless the rule by its terms indicates otherwise.7 Tex. Admin. Code § 139.1
The provisions of this §139.1 adopted to be effective April 15, 1980, 5 TexReg 1285; amended to be effective October 4, 1984, 9 TexReg 4974.