A broker-dealer headquartered in State Z receives simultaneous subpoenas from Administrators in States X, Y, and Z regarding the same set of transactions. The firm claims compliance with one state’s subpoena satisfies its legal obligations to all. Which answer best describes the firm’s situation under the USA?

1. AEach Administrator is independently entitled to compliance; the firm must respond to each subpoena.✓ Correct answer
2. BThe firm’s compliance with State Z’s subpoena voids any further obligations.
3. COnly the first-served subpoena is legally binding.
4. DThe firm may choose which state’s subpoena to follow, as long as it responds to one.

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