A broker/dealer, investment advisor, BD agent or IA rep may only transact business in a particular state after licensure or satisfying qualification requirements of that state, or only if they are excluded or exempted from the states requirements. Follow-up, or individualized responses to consumers in a particular state that may involve either the effecting or attempting to effect transactions in securities, or the rendering of personalized investment advice for personal compensation shall not be made without first complying with states requirements, or pursuant to an applicable state exemption or exclusion.