Tilden Moschetti: My name is Tilden Moschetti. I am a syndication attorney with the Moschetti Law Group. One question I oftentimes get from syndicators because it's so confusing is what exactly are
blue sky laws? And how do they fit in with what I'm doing? One question that often confounds syndicators is what are blue sky laws? And how does it fit in with securities and my syndication? So great
question. And it starts with the understanding that the United States is a nation that is federal, right? We are a federal nation. So meaning that we are a bunch of states that has a federal system on
top of it. So the states are allowed to, to legislate for themselves and are allowed to control themselves until it gets to something that rises to a federal level, something that the federal
government is concerned about. So if you have a syndication going on, where everything takes place within the same state, most of the time, that means and it depends, I say most of the time, because
each state has its own rules. Most of the time, the states say you only need to register that with us. So for example, if you're in California, and you have the you're doing a syndication of real
estate, and that real estate is in California, and you're in California, and every investor is domiciled in California, you can bypass the filing under the SEC and just file out under the local
California Rules, same with taxes, etc. Where it becomes more complicated it let's take that same example in California, where you've got the property here, you've got your here, you've got investors
here, but you also have March, who's an investor out of Florida, all of a sudden, now this is not all within California. So this is no longer applies under the blue sky laws. Exception to notifying
the SEC, you now need to notify the SEC and take advantage of one of the exemptions. They're probably Regulation D and then do your state specific filings as well, you'll file with them in the state

of California. And Florida actually doesn't require a specific filing. But if it did, then you would file there as well. So that is how blue sky laws work. It's that overlay of the federal government
over these blue sky laws that let the states in order control themselves without the interference of the SEC. If you need some help with your syndication, be it for real estate, you're an
entrepreneur, you're raising some capital for your business, or you're putting together that new cryptocurrency hedge fund. Give us a call. My name is Tilden Moschetti. I am a syndication attorney or
visit us online on at www.moschettilaw.com or if you need help just with your private placement memorandums, we've got you covered there to: ppm.moschettilaw.com.