If the issuer selects only one merit or one disclosure state on the CER-1, will that state automatically be the lead state?
If the issuer selects only one merit state, that state will be the lead merit state. In this situation, the lead merit state will make comments consistent with the coordinated equity review standards, unless the state’s own standards are less restrictive and the state elects to apply them. If the issuer selects only one disclosure state, that state will be the lead disclosure state, unless that state elects to have the lead merit state serve as both lead merit and disclosure state and the lead merit state accepts that responsibility.
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