(a) Except as otherwise provided in subsection (b) of this section, a rule adopted or order issued under this chapter may require the filing of a prospectus, pamphlet, circular, form letter, advertisement, sales literature, or other advertising record relating to a security or investment advice, addressed or intended for distribution to prospective investors, including clients or prospective clients of a person registered or required to be registered as an investment adviser under this chapter.
(b) This section does not apply to sales and advertising literature specified in subsection (a) of this section that relates to a federal covered security, a federal covered investment adviser, or a security or transaction exempted by section 5201, 5202, or 5203 of this chapter except as required pursuant to subdivision 5201(7) of this chapter.