(1) Except as provided in (3) , (4) , (5) , and (6) of this rule, sales material to be used in connection with the offer or sale of securities to persons in this state must be filed with the commissioner at least 10 days prior to being used in this state.

(2) The commissioner may by order disallow the use of sales material filed pursuant to this rule if the commissioner finds that such an order is necessary to protect the investor or a person engaged in securities transactions and is in the public interest. Unless the commissioner disallows the use of sales material filed pursuant to this rule within 10 days from the date filed, the sales material may be disseminated.

(3) This rule does not apply to sales material that is used exclusively in connection with the offer or sale of securities that are registered in this state by notification or coordination pursuant to 30-10-203 or 30-10-204, MCA.

(4) This rule does not apply to sales material that is used exclusively by a broker-dealer registered pursuant to 30-10-201, MCA, if the sales material conforms to the provisions of section 2210 of the conduct rules of the national association of securities dealers, inc.

(5) This rule does not apply to sales material that is used exclusively in connection with the offer or sale of securities that are exempt from registration pursuant to 30-10-104 or 30-10-105, MCA, or the rules thereunder, unless the exemption statute or rule specifically provides that sales material must be filed.

(6) This rule does not apply to sales material that is used exclusively in connection with the offer or sale of a security that is a federal covered security.

(7) The commissioner may, upon written request and for good cause shown by a person wishing to use sales material, waive any of the requirements of this rule.