(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 section 611(3)(C), (7), (8), or 612 or an exemption or waiver created under section 613 with respect to a specific security, transaction, or offer. An order under this section may only be issued pursuant to the procedures in section 626(d) or 664 and may only be issued prospectively.
(b) A person does not violate section 621, 623 through 626, 654, or 660 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.