The broker-dealer, investment adviser, BD agent, or IA rep in question may only transact business in this state if first registered, excluded, or exempted from the state broker-dealer, investment adviser, BD agent or IA rep registration requirement, as may be; and Follow-up, individualized responses to persons in this state by such broker-dealer, investment adviser, BD agent, or IA rep that involve either the effecting or attempting to effect transactions in securities, or the rendering of personalized investment advice for compensation, as may be, will not be made absent compliance with state broker-dealer, investment adviser, BD agent, or IA rep registration requirement or an applicable exemption or exclusion.