b'6. Choose Your Securities Exemptionacquire the securities.A non-accredited investor is everyone else not defined above. Certain exemptions also allow investors who, alone or with their pur-chaser representative, have such knowledge and experience in financial and business matters that they are capable of evaluating the merits and risks of the prospective investment, or the issuer reasonably believes im-mediately prior to making any sale that such purchaser comes within this description. 8 These investors are commonly known as sophisticated in-vestors.INTRASTATE SECURITIES EXEMPTIONSRule 147 gives states sole jurisdiction and enforcement authority over securities offerings if all of the investors and the issuer are residents of a single state.This category of exemptions is called intrastate exemptions. Intrastate exemptions typically also include a requirement that 80% of the property or revenue is derived from activities within the same state. Under Rule 147, each state has developed its own set of rules for its intrastate securi-ties exemptions, commonly known as blue sky rules.Including a description of the intrastate securities exemptions for each state is beyond the scope of this book, but a table showing the rules from California and Florida is provided at the end of this chapter.These pro-vide good examples of the rules typical of intrastate exemptions. If you are considering an intrastate offering, you should consult a securities at-torney to see what rules might be available to you locally. If you already know that your investors may be residents of states other than your own, or if your investment opportunity is outside of your state, an intrastate ex-emption may not be your best choice. Instead, you might choose a federal exemption, further described below.Most intrastate offerings allow accredited investors, as defined under the federal regulations, but they may also define their own investor qual-ifications. These could be less stringent than the accredited investor re-quirements; in some cases, no financial qualification may be required. 8 17 CFR 230.506(b)(2(ii) 51'