The Securities and Exchange Commission has not necessarily reviewed the information in this filing and has not determined if it is accurate and complete.
The reader should not assume that the information is accurate and complete.

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM D

Notice of Exempt Offering of Securities
OMB APPROVAL
OMB Number: 3235-0076
Estimated average burden
hours per response: 4.00

1. Issuer's Identity

CIK (Filer ID Number) Previous Names
X None
Entity Type
0001993257
   Corporation
X Limited Partnership
   Limited Liability Company
   General Partnership
   Business Trust
   Other (Specify)

Name of Issuer
Waveland Resource Partners VII, LP
Jurisdiction of Incorporation/Organization
DELAWARE
Year of Incorporation/Organization
   Over Five Years Ago
X Within Last Five Years (Specify Year) 2023
   Yet to Be Formed

2. Principal Place of Business and Contact Information

Name of Issuer
Waveland Resource Partners VII, LP
Street Address 1 Street Address 2
19800 MACARTHUR BLVD. SUITE 650
City State/Province/Country ZIP/PostalCode Phone Number of Issuer
IRVINE CALIFORNIA 92612 9497065000

3. Related Persons

Last Name First Name Middle Name
Dooley Adam J
Street Address 1 Street Address 2
19800 MacArthur Blvd Suite 650
City State/Province/Country ZIP/PostalCode
Irvine CALIFORNIA 92612
Relationship:    Executive Officer    Director X Promoter

Clarification of Response (if Necessary):

President of Waveland Capital Partners LLC, the Selling Broker-Dealer of the Issuer.
Last Name First Name Middle Name
Greer Vickie J
Street Address 1 Street Address 2
19800 MacArthur Blvd Suite 650
City State/Province/Country ZIP/PostalCode
Irvine CALIFORNIA 92612
Relationship: X Executive Officer    Director    Promoter

Clarification of Response (if Necessary):

COO of Waveland Energy Partners LLC, Manager of Waveland Resources LLC, the Managing General Partner of the Issuer.
Last Name First Name Middle Name
Dinh Scott
Street Address 1 Street Address 2
19800 MacArthur Blvd Suite 650
City State/Province/Country ZIP/PostalCode
Irvine CALIFORNIA 92612
Relationship: X Executive Officer    Director    Promoter

Clarification of Response (if Necessary):

CFO of Waveland Energy Partners LLC, Manager of Waveland Resources LLC, the Managing General Partner of the Issuer.
Last Name First Name Middle Name
Irvani Sam
Street Address 1 Street Address 2
19800 MacArthur Blvd Ste 650
City State/Province/Country ZIP/PostalCode
Irvine CALIFORNIA 92612
Relationship: X Executive Officer    Director X Promoter

Clarification of Response (if Necessary):

EVP of Waveland Energy Partners LLC, Manager of Waveland Resources LLC, the Managing General Partner of the Issuer.
Last Name First Name Middle Name
Waveland Resources LLC N/A
Street Address 1 Street Address 2
19800 MacArthur Blvd Suite 650
City State/Province/Country ZIP/PostalCode
Irvine CALIFORNIA 92612
Relationship:    Executive Officer    Director X Promoter

Clarification of Response (if Necessary):

Waveland Resources LLC is the General Partner of the Issuer.
Last Name First Name Middle Name
Waveland Capital Partners LLC N/A
Street Address 1 Street Address 2
19800 MacArthur Blvd Suite 650
City State/Province/Country ZIP/PostalCode
Irvine CALIFORNIA 92612
Relationship:    Executive Officer    Director X Promoter

Clarification of Response (if Necessary):

Waveland Capital Partners LLC is the Selling Broker Dealer.

4. Industry Group

   Agriculture
Banking & Financial Services
   Commercial Banking
   Insurance
   Investing
   Investment Banking
   Pooled Investment Fund
Is the issuer registered as
an investment company under
the Investment Company
Act of 1940?
   Yes    No
   Other Banking & Financial Services
   Business Services
Energy
   Coal Mining
   Electric Utilities
   Energy Conservation
   Environmental Services
X Oil & Gas
   Other Energy
Health Care
   Biotechnology
   Health Insurance
   Hospitals & Physicians
   Pharmaceuticals
   Other Health Care
   Manufacturing
Real Estate
   Commercial
   Construction
   REITS & Finance
   Residential
   Other Real Estate
  
 Retailing
  
 Restaurants
Technology
   Computers
   Telecommunications
   Other Technology
Travel
   Airlines & Airports
   Lodging & Conventions
   Tourism & Travel Services
   Other Travel
  
 Other

5. Issuer Size

Revenue Range OR Aggregate Net Asset Value Range
   No Revenues    No Aggregate Net Asset Value
   $1 - $1,000,000    $1 - $5,000,000
   $1,000,001 - $5,000,000    $5,000,001 - $25,000,000
   $5,000,001 - $25,000,000    $25,000,001 - $50,000,000
   $25,000,001 - $100,000,000    $50,000,001 - $100,000,000
   Over $100,000,000    Over $100,000,000
X Decline to Disclose    Decline to Disclose
   Not Applicable    Not Applicable

6. Federal Exemption(s) and Exclusion(s) Claimed (select all that apply)

   Rule 504(b)(1) (not (i), (ii) or (iii))
   Rule 504 (b)(1)(i)
   Rule 504 (b)(1)(ii)
   Rule 504 (b)(1)(iii)
X Rule 506(b)
   Rule 506(c)
   Securities Act Section 4(a)(5)
   Investment Company Act Section 3(c)
   Section 3(c)(1)    Section 3(c)(9)  
   Section 3(c)(2)    Section 3(c)(10)
   Section 3(c)(3)    Section 3(c)(11)
   Section 3(c)(4)    Section 3(c)(12)
   Section 3(c)(5)    Section 3(c)(13)
   Section 3(c)(6)    Section 3(c)(14)
   Section 3(c)(7)

7. Type of Filing

   New Notice Date of First Sale 2023-10-15    First Sale Yet to Occur
X Amendment

8. Duration of Offering

Does the Issuer intend this offering to last more than one year?
   Yes X No

9. Type(s) of Securities Offered (select all that apply)

X Equity    Pooled Investment Fund Interests
   Debt    Tenant-in-Common Securities
   Option, Warrant or Other Right to Acquire Another Security    Mineral Property Securities
   Security to be Acquired Upon Exercise of Option, Warrant or Other Right to Acquire Security    Other (describe)

10. Business Combination Transaction

Is this offering being made in connection with a business combination transaction, such as a merger, acquisition or exchange offer?
   Yes X No

Clarification of Response (if Necessary):

11. Minimum Investment

Minimum investment accepted from any outside investor $25,000 USD

12. Sales Compensation

Recipient
Recipient CRD Number    None
Waveland Capital Partners LLC 40054
(Associated) Broker or Dealer X None
(Associated) Broker or Dealer CRD Number X None
None None
Street Address 1 Street Address 2
19800 MacArthur Blvd Suite 650
City State/Province/Country ZIP/Postal Code
Irvine CALIFORNIA 92612
State(s) of Solicitation (select all that apply)
Check “All States” or check individual States		    All States
   Foreign/non-US
ARIZONA
CALIFORNIA
TENNESSEE
Recipient
Recipient CRD Number    None
Arkadios Capital 282710
(Associated) Broker or Dealer X None
(Associated) Broker or Dealer CRD Number X None
None None
Street Address 1 Street Address 2
309 East Paces Ferry Road Suite 1000
City State/Province/Country ZIP/Postal Code
Atlanta GEORGIA 30345-3115
State(s) of Solicitation (select all that apply)
Check “All States” or check individual States		    All States
   Foreign/non-US
ALABAMA
ARIZONA
CALIFORNIA
CONNECTICUT
DELAWARE
FLORIDA
GEORGIA
ILLINOIS
MAINE
MARYLAND
NEW JERSEY
NEW MEXICO
NEW YORK
NORTH CAROLINA
PENNSYLVANIA
SOUTH CAROLINA
TENNESSEE
TEXAS
VIRGINIA
WEST VIRGINIA
WYOMING
Recipient
Recipient CRD Number    None
Ausdal Financial Partners Inc. 7995
(Associated) Broker or Dealer X None
(Associated) Broker or Dealer CRD Number X None
None None
Street Address 1 Street Address 2
5187 Utica Ridge Road
City State/Province/Country ZIP/Postal Code
Davenport IOWA 52807
State(s) of Solicitation (select all that apply)
Check “All States” or check individual States		    All States
   Foreign/non-US
CALIFORNIA
ILLINOIS
INDIANA
MARYLAND
MINNESOTA
MISSOURI
NEBRASKA
NEVADA
NORTH CAROLINA
PENNSYLVANIA
TEXAS
WISCONSIN
WYOMING
Recipient
Recipient CRD Number    None
Centaurus Financial, Inc. 30833
(Associated) Broker or Dealer X None
(Associated) Broker or Dealer CRD Number X None
None None
Street Address 1 Street Address 2
2300 E. Katella Avenue Suite 200
City State/Province/Country ZIP/Postal Code
Anaheim CALIFORNIA 92806
State(s) of Solicitation (select all that apply)
Check “All States” or check individual States		    All States
   Foreign/non-US
ARIZONA
CALIFORNIA
COLORADO
FLORIDA
IDAHO
LOUISIANA
MAINE
MASSACHUSETTS
MICHIGAN
NEVADA
NEW JERSEY
NEW MEXICO
NEW YORK
OREGON
RHODE ISLAND
SOUTH CAROLINA
TENNESSEE
TEXAS
UTAH
VIRGINIA
WASHINGTON
Recipient
Recipient CRD Number    None
Coastal Equities, inc. 23769
(Associated) Broker or Dealer X None
(Associated) Broker or Dealer CRD Number X None
None None
Street Address 1 Street Address 2
1201 N. Orange Street Suite 729
City State/Province/Country ZIP/Postal Code
Wilmington DELAWARE 19801
State(s) of Solicitation (select all that apply)
Check “All States” or check individual States		    All States
   Foreign/non-US
OREGON
Recipient
Recipient CRD Number    None
Concourse Financial Group Securities 15708
(Associated) Broker or Dealer X None
(Associated) Broker or Dealer CRD Number X None
None None
Street Address 1 Street Address 2
2801 Highway 280 South
City State/Province/Country ZIP/Postal Code
Birmingham ALABAMA 35223
State(s) of Solicitation (select all that apply)
Check “All States” or check individual States		    All States
   Foreign/non-US
FLORIDA
MARYLAND
NEW JERSEY
PENNSYLVANIA
VIRGINIA
Recipient
Recipient CRD Number    None
Dempsey Lord Smith LLC 141238
(Associated) Broker or Dealer X None
(Associated) Broker or Dealer CRD Number X None
None None
Street Address 1 Street Address 2
901 N. Broad Street Suite 400
City State/Province/Country ZIP/Postal Code
Rome GEORGIA 30161
State(s) of Solicitation (select all that apply)
Check “All States” or check individual States		    All States
   Foreign/non-US
ALABAMA
CALIFORNIA
GEORGIA
NEW MEXICO
NORTH CAROLINA
TEXAS
Recipient
Recipient CRD Number    None
IBN Financial Services Inc. 42360
(Associated) Broker or Dealer X None
(Associated) Broker or Dealer CRD Number X None
None None
Street Address 1 Street Address 2
404 Old Liverpool Road
City State/Province/Country ZIP/Postal Code
Liverpool NEW YORK 13088
State(s) of Solicitation (select all that apply)
Check “All States” or check individual States		    All States
   Foreign/non-US
ALASKA
ARIZONA
FLORIDA
NEW JERSEY
NEW YORK
PENNSYLVANIA
SOUTH CAROLINA
TEXAS
UTAH
Recipient
Recipient CRD Number    None
KCD Financial Inc. 127473
(Associated) Broker or Dealer X None
(Associated) Broker or Dealer CRD Number X None
None None
Street Address 1 Street Address 2
3061 Allied Street Suite B
City State/Province/Country ZIP/Postal Code
Green Bay WISCONSIN 54304
State(s) of Solicitation (select all that apply)
Check “All States” or check individual States		    All States
   Foreign/non-US
ALABAMA
COLORADO
MINNESOTA
TEXAS
WISCONSIN
Recipient
Recipient CRD Number    None
Kingswood Capital Partners LLC 288898
(Associated) Broker or Dealer X None
(Associated) Broker or Dealer CRD Number X None
None None
Street Address 1 Street Address 2
175 Country Club Drive Suite D
City State/Province/Country ZIP/Postal Code
Stockbridge GEORGIA 30281
State(s) of Solicitation (select all that apply)
Check “All States” or check individual States		    All States
   Foreign/non-US
ARIZONA
CALIFORNIA
COLORADO
CONNECTICUT
FLORIDA
GEORGIA
ILLINOIS
INDIANA
MARYLAND
MASSACHUSETTS
MINNESOTA
NEVADA
NEW JERSEY
NEW MEXICO
NEW YORK
NORTH CAROLINA
OHIO
SOUTH CAROLINA
TENNESSEE
TEXAS
VIRGINIA
WASHINGTON
WEST VIRGINIA
Recipient
Recipient CRD Number    None
LightPath Capital Inc. 34617
(Associated) Broker or Dealer X None
(Associated) Broker or Dealer CRD Number X None
None None
Street Address 1 Street Address 2
1560 East Southlake Blvd. Suite 100
City State/Province/Country ZIP/Postal Code
Southlake TEXAS 76092
State(s) of Solicitation (select all that apply)
Check “All States” or check individual States		    All States
   Foreign/non-US
CALIFORNIA
NORTH CAROLINA
Recipient
Recipient CRD Number    None
MHL Investments 2535
(Associated) Broker or Dealer X None
(Associated) Broker or Dealer CRD Number X None
None None
Street Address 1 Street Address 2
6900 S. 900 East Suite 200
City State/Province/Country ZIP/Postal Code
Midvale UTAH 84047
State(s) of Solicitation (select all that apply)
Check “All States” or check individual States		    All States
   Foreign/non-US
ARIZONA
IDAHO
NEVADA
SOUTH CAROLINA
TENNESSEE
TEXAS
UTAH
WISCONSIN
WYOMING
Recipient
Recipient CRD Number    None
The Strategic Financial Alliance, Inc. 126514
(Associated) Broker or Dealer X None
(Associated) Broker or Dealer CRD Number X None
None None
Street Address 1 Street Address 2
2200 Century Pkwy NE Suite 500
City State/Province/Country ZIP/Postal Code
Atlanta GEORGIA 30345-3115
State(s) of Solicitation (select all that apply)
Check “All States” or check individual States		    All States
   Foreign/non-US
ARIZONA
CALIFORNIA
COLORADO
FLORIDA
GEORGIA
HAWAII
NEBRASKA
NORTH CAROLINA
OREGON
SOUTH CAROLINA
VIRGINIA
WASHINGTON
Recipient
Recipient CRD Number    None
Alliance Global Partners LLC 8361
(Associated) Broker or Dealer X None
(Associated) Broker or Dealer CRD Number X None
None None
Street Address 1 Street Address 2
590 Madison Avenue 28th Floor
City State/Province/Country ZIP/Postal Code
New York NEW YORK 10022
State(s) of Solicitation (select all that apply)
Check “All States” or check individual States		    All States
   Foreign/non-US
COLORADO
FLORIDA
MARYLAND
MICHIGAN
NEW JERSEY
SOUTH CAROLINA
TEXAS
Recipient
Recipient CRD Number    None
Realta Equities Inc. 23769
(Associated) Broker or Dealer X None
(Associated) Broker or Dealer CRD Number X None
None None
Street Address 1 Street Address 2
1201 N. Orange Street Suite 729
City State/Province/Country ZIP/Postal Code
Wilmington DELAWARE 19801
State(s) of Solicitation (select all that apply)
Check “All States” or check individual States		    All States
   Foreign/non-US
ARIZONA
COLORADO
FLORIDA
MONTANA
NEW JERSEY
OREGON
Recipient
Recipient CRD Number    None
Saxony Securities Inc. 115547
(Associated) Broker or Dealer X None
(Associated) Broker or Dealer CRD Number X None
None None
Street Address 1 Street Address 2
11152 South Towne Square
City State/Province/Country ZIP/Postal Code
St. Louis MISSOURI 63123
State(s) of Solicitation (select all that apply)
Check “All States” or check individual States		    All States
   Foreign/non-US
CALIFORNIA
GEORGIA
NEW JERSEY
TEXAS
Recipient
Recipient CRD Number    None
Sunbelt Securities, Inc. 42180
(Associated) Broker or Dealer X None
(Associated) Broker or Dealer CRD Number X None
None None
Street Address 1 Street Address 2
2700 Post Oak Blvd. Suite 1700
City State/Province/Country ZIP/Postal Code
Houston TEXAS 77056
State(s) of Solicitation (select all that apply)
Check “All States” or check individual States		    All States
   Foreign/non-US
TEXAS
Recipient
Recipient CRD Number    None
Wealthhouse Advisors, Inc. 323088
(Associated) Broker or Dealer X None
(Associated) Broker or Dealer CRD Number X None
None None
Street Address 1 Street Address 2
17 Canoe Brook Drive
City State/Province/Country ZIP/Postal Code
Livingston NEW JERSEY 07039
State(s) of Solicitation (select all that apply)
Check “All States” or check individual States		    All States
   Foreign/non-US
DELAWARE
NEW JERSEY
NEW YORK
PENNSYLVANIA
VIRGINIA
Recipient
Recipient CRD Number    None
Chauner Securities, Inc. 10075
(Associated) Broker or Dealer X None
(Associated) Broker or Dealer CRD Number X None
None None
Street Address 1 Street Address 2
666 Dundee Road Suite 903
City State/Province/Country ZIP/Postal Code
Northbrook ILLINOIS 60062
State(s) of Solicitation (select all that apply)
Check “All States” or check individual States		    All States
   Foreign/non-US
CALIFORNIA
FLORIDA
GEORGIA
INDIANA
MASSACHUSETTS
MICHIGAN
NEW MEXICO
OREGON
SOUTH CAROLINA
TENNESSEE
VIRGINIA
WASHINGTON
Recipient
Recipient CRD Number    None
Independent Financial Group, LLC 7717
(Associated) Broker or Dealer X None
(Associated) Broker or Dealer CRD Number X None
None None
Street Address 1 Street Address 2
12671 High Bluff Drive Suite 200
City State/Province/Country ZIP/Postal Code
San Diego CALIFORNIA 92130
State(s) of Solicitation (select all that apply)
Check “All States” or check individual States		    All States
   Foreign/non-US
ALABAMA
ARIZONA
CALIFORNIA
COLORADO
FLORIDA
GEORGIA
HAWAII
IDAHO
ILLINOIS
LOUISIANA
MARYLAND
MICHIGAN
MINNESOTA
MISSOURI
MONTANA
NEVADA
NEW JERSEY
NEW MEXICO
NEW YORK
OREGON
PENNSYLVANIA
TEXAS
UTAH
VIRGINIA
WASHINGTON
WISCONSIN
Recipient
Recipient CRD Number    None
Great Point Capital LLC 114203
(Associated) Broker or Dealer X None
(Associated) Broker or Dealer CRD Number X None
None None
Street Address 1 Street Address 2
200 West Jackson Blvd Suite 1000
City State/Province/Country ZIP/Postal Code
Chicago ILLINOIS 60606
State(s) of Solicitation (select all that apply)
Check “All States” or check individual States		    All States
   Foreign/non-US
ARIZONA
FLORIDA
MINNESOTA
NEVADA
SOUTH CAROLINA
TEXAS
Recipient
Recipient CRD Number    None
Ni Advisors 134502
(Associated) Broker or Dealer X None
(Associated) Broker or Dealer CRD Number X None
None None
Street Address 1 Street Address 2
1138 Cadillac Court
City State/Province/Country ZIP/Postal Code
Milpitas CALIFORNIA 95035
State(s) of Solicitation (select all that apply)
Check “All States” or check individual States		    All States
   Foreign/non-US
CALIFORNIA
Recipient
Recipient CRD Number    None
COLORADO FINANCIAL SERVICE CORP 104343
(Associated) Broker or Dealer X None
(Associated) Broker or Dealer CRD Number X None
None None
Street Address 1 Street Address 2
188 INVERNESS DRIVE WEST SUITE 100
City State/Province/Country ZIP/Postal Code
CENTENNIAL COLORADO 80112
State(s) of Solicitation (select all that apply)
Check “All States” or check individual States		    All States
   Foreign/non-US
FLORIDA
OKLAHOMA
TEXAS
Recipient
Recipient CRD Number    None
EMERSON EQUITY LLC 130032
(Associated) Broker or Dealer X None
(Associated) Broker or Dealer CRD Number X None
None None
Street Address 1 Street Address 2
155 BOVET ROAD SUITE 725
City State/Province/Country ZIP/Postal Code
SAN MATEO CALIFORNIA 94402
State(s) of Solicitation (select all that apply)
Check “All States” or check individual States		    All States
   Foreign/non-US
CALIFORNIA
FLORIDA
GEORGIA
MINNESOTA
WYOMING

13. Offering and Sales Amounts

Total Offering Amount USD
or X Indefinite
Total Amount Sold $131,265,828 USD
Total Remaining to be Sold USD
or X Indefinite

Clarification of Response (if Necessary):

The Issuer may increase the offering amount at the sole discretion of the Managing General Partner.

14. Investors

  
 Select if securities in the offering have been or may be sold to persons who do not qualify as accredited investors, and enter the number of such non-accredited investors who already have invested in the offering.
Regardless of whether securities in the offering have been or may be sold to persons who do not qualify as accredited investors, enter the total number of investors who already have invested in the offering:
1,335

15. Sales Commissions & Finder's Fees Expenses

Provide separately the amounts of sales commissions and finders fees expenses, if any. If the amount of an expenditure is not known, provide an estimate and check the box next to the amount.

Sales Commissions $10,000,000 USD
X Estimate
Finders' Fees $0 USD
   Estimate

Clarification of Response (if Necessary):

Based on 7% sales commission and 3% managing dealer fee (assuming offering proceeds of $100,000,000).

16. Use of Proceeds

Provide the amount of the gross proceeds of the offering that has been or is proposed to be used for payments to any of the persons required to be named as executive officers, directors or promoters in response to Item 3 above. If the amount is unknown, provide an estimate and check the box next to the amount.

$0 USD
   Estimate

Clarification of Response (if Necessary):

Waveland Resources, the MGP of the Issuer, is entitled to a management fee, a carried interest, and administrative fees in addition to certain fees that may be earned by an affiliate of the MGP related to potential sales and/ or assignments to the Issuer.

Signature and Submission

Please verify the information you have entered and review the Terms of Submission below before signing and clicking SUBMIT below to file this notice.

Terms of Submission

In submitting this notice, each issuer named above is:
  • Notifying the SEC and/or each State in which this notice is filed of the offering of securities described and undertaking to furnish them, upon written request, in the accordance with applicable law, the information furnished to offerees.*
  • Irrevocably appointing each of the Secretary of the SEC and, the Securities Administrator or other legally designated officer of the State in which the issuer maintains its principal place of business and any State in which this notice is filed, as its agents for service of process, and agreeing that these persons may accept service on its behalf, of any notice, process or pleading, and further agreeing that such service may be made by registered or certified mail, in any Federal or state action, administrative proceeding, or arbitration brought against the issuer in any place subject to the jurisdiction of the United States, if the action, proceeding or arbitration (a) arises out of any activity in connection with the offering of securities that is the subject of this notice, and (b) is founded, directly or indirectly, upon the provisions of:  (i) the Securities Act of 1933, the Securities Exchange Act of 1934, the Trust Indenture Act of 1939, the Investment Company Act of 1940, or the Investment Advisers Act of 1940, or any rule or regulation under any of these statutes, or (ii) the laws of the State in which the issuer maintains its principal place of business or any State in which this notice is filed.
  • Certifying that, if the issuer is claiming a Regulation D exemption for the offering, the issuer is not disqualified from relying on Rule 504 or Rule 506 for one of the reasons stated in Rule 504(b)(3) or Rule 506(d).

Each Issuer identified above has read this notice, knows the contents to be true, and has duly caused this notice to be signed on its behalf by the undersigned duly authorized person.

For signature, type in the signer's name or other letters or characters adopted or authorized as the signer's signature.

Issuer Signature Name of Signer Title Date
Waveland Resource Partners VII, LP Vickie J Greer Vickie J Greer COO of Waveland Energy Partners LLC, Manager of Waveland Res 2025-07-16

Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB number.

* This undertaking does not affect any limits Section 102(a) of the National Securities Markets Improvement Act of 1996 ("NSMIA") [Pub. L. No. 104-290, 110 Stat. 3416 (Oct. 11, 1996)] imposes on the ability of States to require information. As a result, if the securities that are the subject of this Form D are "covered securities" for purposes of NSMIA, whether in all instances or due to the nature of the offering that is the subject of this Form D, States cannot routinely require offering materials under this undertaking or otherwise and can require offering materials only to the extent NSMIA permits them to do so under NSMIA's preservation of their anti-fraud authority.