The filing of an application for registration, a registration statement, a notice filing under this chapter, or the registration of a person, the notice filing by a person, or the registration of a security under this chapter does not constitute a finding by the Administrator that a record filed under this chapter is true, complete, and not misleading. The filing or registration or the availability of an exemption, exception, preemption, or exclusion for a security or a transaction does not mean that the Administrator has passed upon the merits or qualifications of, or recommended or given approval to, a person, security, or transaction. It is unlawful to make, or cause to be made, to a purchaser, customer, client, or prospective customer or client, a representation inconsistent with this section.
