A mutual fund begins selling shares in State Q before making the required notice filing and paying fees. Which is LEAST likely as a consequence?

1. AState Q imposes a late fee or penalty.
2. BState Q rescinds every sale of the mutual fund shares in the state.✓ Correct answer
3. CState Q requires the fund to make the filing and pay the fee retroactively.
4. DThe Administrator issues a stop order until compliance is achieved.

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