If an interest
in a planned community 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 the declarant delivers to the purchaser a copy of the public offering
statement filed with the Securities and Exchange Commission. An interest
in a planned community 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. The offer and sale of planned community units in
accordance with the requirements of this chapter shall not also be subject
to the registration requirements of section 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.