A broker-dealer with no office in State N effects securities transactions exclusively for a national bank with branches in several states. Under the Uniform Securities Act, the BD:

1. AMust register in every state where the bank has a branch.
2. BIs exempt from registration in all those states if no office is present.✓ Correct answer
3. CMust register in State N only.
4. DIs required to register only if soliciting retail clients in those states.

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