(a) Except as provided by Subsection (b), the commissioner shall require that, in connection with a permit qualifying securities for sale, all offers for the sale of the securities be made through a prospectus that:
(1) fairly discloses the material facts about the plan of finance and business; and
(2) must be filed with and approved by the commissioner.
(b) The prospectus requirements of this section are satisfied if the applicant files a prospectus or offering circular with the commissioner that is also filed with the Securities and Exchange Commission under the Securities Act of 1933 (15 U.S.C. Section 77a et seq.) or the regulations under that law.
(c) Failure to comply with the prospectus requirements of this section violates this title.