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Completed Form 202X must be filed no less than ten (10) business days before the first sale of securities in this state. This exemption seeks to facilitate the financing of local business operations.Additional Considerations Related to Smaller Offerings. J. Transitional Guidance for Issuers Currently Conducting Regulation A Offerings. Produced comprehensive guidelines for disclosure in municipal offerings entitled Disclosure Guidelines for State and Local Government Securities. Rule. Yes. 1 This section is intended to allow issuers with localized operations to sell securities as part of a plan of local financing. Combine them to find a competitive advantage for your small business. Produced comprehensive guidelines for disclosure in municipal offerings entitled Disclosure Guidelines for State and Local Government Securities.