N.Y. Gen. Bus. Law § 352-g

§ 352-g. Exemptions. The attorney general, upon application, may\nexempt from the provisions of sections three hundred fifty-two-e, three\nhundred fifty-two-f and three hundred fifty-two-h any offerings of\nsecurities (1) made to persons not exceeding forty in number or (2)\nwhich securities have been fully registered with the securities and\nexchange commission of the United States of America or have received an\nexemption therefrom for reasons other than said offering is an\nintrastate offering to residents of the state of New York only.\n