Issuers must use brokers for Rule 506(c) offering?

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Mark Roderick is an expert in this area, but I do question some of his assertions in my comments to his article.  It sounds like he is saying that because of the ability to use advertising with Rule 506(c) offerings, issuers no longer can sell their own securities (without using a broker).  He suggests that this will arise in a securities litigation context where a hapless widow’s attorney makes the novel argument that Securities Act Section 18(a)(1) doesn’t preempt states from regulating broker activity.  The New York Bar Association disagrees.