(a) Except as provided by Subsection (b), the commissioner shall require that, in connection with a permit qualifying securities for sale, all offers for the sale of the securities be made through a prospectus that:
(1) fairly discloses the material facts about the plan of finance and business; and
(2) must be filed with and approved by the commissioner.
(b) The prospectus requirements of this section are satisfied if the applicant files a prospectus or offering circular with the commissioner that is also filed with the Securities and Exchange Commission under the Securities Act of 1933 (15 U.S.C. § 77a et seq.) or the regulations under that law.

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