Tennessee Code Title 48. Corporations and Associations § 48-1-114

(a) Neither the fact that an application for registration or notice filing under §§ 48-1-109 -- 48-1-112 or a registration statement or notice filing under §§ 48-1-104 -- 48-1-108 or § 48-1-125 has been filed, nor the fact that a person or security is effectively registered, constitutes a finding by the commissioner that any document filed under this part is true, complete, and not misleading.

(b) Neither any such fact nor the fact that an exemption or exception is available for a security or transaction means that the commissioner has passed in any way upon the merits or qualifications of, or that the commissioner has recommended or given approval to, any person, security, or transaction.

(c) Any representation to the contrary is unlawful.