An agent in State K offers municipal bonds issued by a city in another state. Which statement BEST describes the state's authority regarding these securities?

1. ANSMIA preempts State K from requiring registration, but antifraud provisions still apply.✓ Correct answer
2. BState K may require registration and impose merit review.
3. CNSMIA does not apply; State K may require registration but not merit review.
4. DState K may prohibit all sales of the bonds to residents.

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