A broker-dealer offers shares of an NYSE-listed company to clients in State W. The State W Administrator wishes to require registration of these securities. Which statement is correct?

1. AThe Administrator may not require registration, merit review, a notice filing, or a filing fee, but may enforce state antifraud law✓ Correct answer
2. BThe Administrator may require full registration and review of offering documentation.
3. CThe Administrator may require the NYSE issuer to submit to merit review.
4. DThe Administrator may prohibit all sales of the securities in State W.

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