An adviser with $105 million AUM at fiscal year-end subsequently declines to $98 million mid-year. According to the USA and SEC rules, what is the MOST LIKELY consequence?

1. AThe adviser must immediately deregister with the SEC and register with the state
2. BThe adviser may remain federally registered until the next annual update✓ Correct answer
3. CThe adviser must switch to state registration within 60 days
4. DThe adviser is required to register with both the SEC and the state temporarily

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