b'6. Choose Your Securities Exemptionwho issues or proposes to issue any security. Another definition de-scribes the issuer as a legal entitythat develops, registers and sells securities to the investing public in order to finance its own operations. 18In a Regulation D, Rule 506 securities offering, an issuer may sell his or her own securities in any state without: a) registering the securities offer-ing, or b) being registered with the SEC or any state as a broker-dealer. Anyone else who is compensated for selling securities on behalf of the issuer is not exempt from registration. An issuer may not pay selling fees or commissions for the sale of securi-ties out of company funds unless such fees or commissions are disclosed in the offering materials. Any such fees or commissions may only be paid to licensed securities broker-dealers. Think of this like a real estate transaction. A person may sell his or her own real estate without a license, but no one can be compensated for selling someone elses real estate unless they have a real estate broker or sales agent license. The issuer exemption for securities offerings operates in much the same way. An issuer can sell his or her own securities without a license, but a person cannot be compensated for selling other issuers securities, unless the seller has a license.A comparison table on securities exemptions can be downloaded at the following link:https://howtolegallyraiseprivatemoney.com18www.investinganswers.com/financial-dictionary/investing/issuer-2236 69'