A Canadian BD has a client who is a Canadian resident but spends six months per year in State V. The client maintains a pre-existing account with the BD. The BD executes trades for this account while the client is in State V. Which of the following is required for the BD to remain exempt from registration in State V?

1. AThe BD must limit securities transactions to Canadian securities only.
2. BThe BD must make notice filings and be a member of a Canadian SRO or stock exchange.✓ Correct answer
3. CThe BD must establish a physical office in State V.
4. DThe BD must register as an investment adviser in State V.

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