(

a) No person shall publish any advertisement in this state concerning any security sold or offered for sale in this state unless a true copy of the advertisement has first been filed in the office of the commissioner at least three business days prior to the publication or a shorter period as the commissioner may by rule or order allow. (

b) Subdivision (

a) of this

section does not apply to:

(1) Any advertisement for any security published by a licensed broker-dealer if the broker-dealer is not effecting transactions in that security as an underwriter or other participant in a distribution for the issuer;

(2) Any advertisement for any security published by an issuer or any underwriter or other participant in a distribution for the issuer if the security or transaction is exempted by the provisions of

Chapter 1 (commencing with

Section 25100) of Part of this division;

(3) Any advertisement for any security in a nonissuer transaction if the security is exempted by

Section or an offer of the security is exempted by subdivision (

g) of

Section 25104;

(4) Any advertisement permitted or required by

Section 5(b)(2) or

Section 2(a)(10)(

b) of the Securities Act of with respect to a security which has been registered under the Securities Act of and qualified for sale in this state;

(5) Any advertisement with respect to (

A) a security that is subject to Sections 25100.1 and 25101.1 and the advertisement is permitted or required under the Securities Act of 1933, (

B) a transaction that is subject to

Section 25102.1 and the advertisement is permitted or required under the Securities Act of 1933, or (

C) an investment adviser that is subject to

Section 25230.1 and the advertisement is permitted or required under the Investment Adviser Act of 1940; or

(6) Any other advertisement exempted by rule of the commissioner.