(a) Except with respect to a federal covered security or a transaction involving a federal covered security, an order under this chapter may deny, suspend application of, condition, limit, or revoke an exemption created under AS 45.56.110(3)(C), (7), or (8), 45.56.120, or 45.56.130, or an exemption or waiver created under AS 45.56.150 with respect to a specific security, transaction, or offer. An order under this subsection may be issued only under the procedures in AS 45.56.230(d) or 45.56.690 and only prospectively.
(b) A person does not violate AS 45.56.100, 45.56.170 - 45.56.190, 45.56.210, 45.56.230, 45.56.550, or 45.56.720 by an offer to sell, offer to purchase, sale, or purchase effected after the entry of an order issued under this section if the person did not know and, in the exercise of reasonable care, could not have known, of the order.