An IAR employed by a Chicago-based adviser has 2 non-institutional clients in State Y but no office there. According to the USA, which statement is CORRECT?

1. ARegistration in State Y is not required due to the de minimis exemption.✓ Correct answer
2. BRegistration in State Y is required, regardless of client count.
3. CRegistration is only required if the IAR solicits new clients in State Y.
4. DRegistration is only required if the clients are institutional.

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