A junior research analyst at William Blair receives a year-end bonus based on firm revenues, but does not have direct client contact. Under the USA, she is:

1. ARequired to register as an agent because her pay is tied to firm performance.
2. BNot required to register as an agent, as she does not effect transactions.✓ Correct answer
3. CExempt from registration only if her bonus is not tied to trading revenues.
4. DRequired to register if she provides written research to clients.

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