191—50.85 (502) Internet offers exemption. Offers of securities made by, or on behalf of, issuers on or through the Internet are exempt from registration pursuant to Iowa Code sections 502.301 and 502.504 if:
	  1. 	 The Internet offer states, directly or indirectly, that the securities are not being offered to state residents; and
	  2. 	 The Internet offer is not specifically directed to any person in Iowa by, or on behalf of, the issuer of the securities; and
	  3. 	 No sales of the issuer’s securities are made in Iowa as a result of the Internet offering until such time as the securities being offered have been registered under Iowa Code sections 502.301 and 502.504, and a final prospectus or Form U-7 is delivered to Iowa investors prior to such sales, or the issuer qualifies for the exemption provided in Iowa Code section 502.202(13).
This rule is intended to implement Iowa Code section 502.203.