A federally covered IA with no office in State J manages a pension fund domiciled in State J, but the plan’s trustees reside in multiple states. The Administrator of State J seeks to require the IA to register. Which is TRUE?

1. AThe Administrator may require notice filing but not registration✓ Correct answer
2. BThe Administrator may require both registration and notice filing
3. CThe Administrator can require registration if the IA solicits retail clients in State J
4. DNo action is permitted by the Administrator due to federal preemption

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