A junior banker is informed that the SEC and Administrators of States K and L are all investigating the same cross-border securities fraud. Which of the following statements about jurisdiction and subpoena power is most accurate?

1. AEach Administrator can issue subpoenas relevant to their state’s affected investors, regardless of federal involvement.✓ Correct answer
2. BState Administrators lose their subpoena authority once the SEC opens an investigation.
3. COnly the Administrator in the state where the fraud originated has relevant subpoena power.
4. DState Administrators must coordinate subpoenas through the SEC for out-of-state residents.

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