For exemptions provided in Section 58-13C-202 Y, a notice filing on the securities division's form Y shall be completed by issuers that are not organized or incorporated in New Mexico to give notice of intent to claim the exemption afforded by Section 58-13C-202 Y for offerings of issuers that result in there being no more than 25 security holders. Form 202Y is optional for issuers organized or incorporated in New Mexico. No fee is required for these exemptions.
N.M. Admin. Code § 12.11.12.12