An IA firm located in State Y is registered in State X due to having several clients there. The Administrator of State X asks to inspect the firm's records. Under the USA, which is TRUE?

1. AThe Administrator may inspect the IA's records even if the firm is physically located out of state✓ Correct answer
2. BThe Administrator cannot inspect the firm unless it is headquartered in State X
3. CThe Administrator needs a subpoena to view the records
4. DThe Administrator may only inspect records held within State X

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