An agent of a BD registered only in State X cold-calls a prospective client in State Y from an office in State X and effects a securities transaction. What is the State Y Administrator's MOST LIKELY action?

1. ARequire the agent and BD to register in State Y before conducting further business.✓ Correct answer
2. BTake no action since the call originated in State X.
3. CFile a criminal complaint against the agent.
4. DRetroactively void the transaction in State Y.

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