N.Y. Comp. Codes R. & Regs. tit. 13 § 51.6
The Attorney General may, upon written application of the issurer or other offeror of a theatrical production company which produces or develops productions, issue an exemption from the requirement of providing a "certified statement" pursuant to section 23.03 (2) of the Arts and Cultural Affairs Law, for theatrical productions which are to have a total capitalization of less than $250,000 or will offer syndication interests to less than 36 persons. In those cases where all of the proceeds of the production company are used to invest in specified or nonspecified productions, such theatrical production company shall be exempted from filing certified statements provided that it forwards to its investors all the financial reports of the theatrical productions in which it has invested which are required by this Part. However, the Attorney General may require as a condition of granting such exemption that the producer comply with sections 51.2 through 51.5 of this Part. Such application must be made no later than the date upon which the initial report required under this Part is due to be filed.
N.Y. Comp. Codes R. & Regs. Tit. 13 § 51.6