she sells the funds on at least seven online sites. she does not prohibit the resale of the seourity. sales of securitis are na mare than $1 milion in ary 12 -marth perind. she pravides detailed offering information in all uuts de acvertising. ana cwrs ffty shares of stock in Ban Ray Criterprises. Ariana bought the stock when it was first issued, and the offering filty shares to Eowarda, Doest the sale between Aylana and Edwarco have to he registered with the SFC? Yes, it must be registered becsuse the original afferirg was noqured to tae regierered with the SEC. No, the average investor vilo resells shares uf stuck dues not have to fie a registration statememt with the SEC. No, it is nor required because the securlties are traclad on the New Yoek Sreck Frrhange. Yes, it must be registered becsuse the sepurities are traded on the New York Steck Exchange