A broker-dealer is underwriting an IPO for a company intending to list its shares on the NYSE. The broker-dealer wishes to market the shares in multiple states. Under the USA and NSMIA, what authority does a state Administrator have over the registration of these shares?

1. AMay require registration by qualification
2. BMay not require registration or an ordinary notice filing for the exchange-listed shares, but retains antifraud authority✓ Correct answer
3. CMay require registration by coordination
4. DMay deny registration based on lack of merit

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