A BD employee in State M receives a cash bonus specifically tied to sales of non-exempt securities issued by her employer, the BD itself, to retail clients. The Administrator will MOST LIKELY:

1. ATreat her as an agent and require registration in State M.✓ Correct answer
2. BWaive agent registration due to the issuer exemption.
3. CAllow her to act without registration if the securities are federally covered.
4. DRequire registration only if she solicits institutional clients.

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