If an interest in
a condominium is currently registered with the Securities and Exchange Commission
of the United States, a declarant satisfies all requirements relating to
the preparation of a public offering statement in this subpart if he delivers
to the purchaser a copy of the public offering statement filed with the
Securities and Exchange Commission. An interest in a condominium is not,
in and of itself, a security under the provisions of the act of December
5, 1972 (P.L. 1280, No. 284), known as the Pennsylvania Securities Act of
1972], and the offer and sale of condominium units in accordance with the
requirements of this chapter shall not also be subject to the registration
requirements of sections 201 or 301 of the Pennsylvania Securities Act of
1972 or the promotional real estate sales requirements of the act of February
19, 1980 (P.L. 15, No. 9), known as the Real Estate Licensing and Registration
Act.