An issuer registering securities by notification must meet several requirements. Which of the following would DISQUALIFY an issuer from using this method?

1. AThe issuer has been subject to a stop order or injunction within the past five years involving the registration or sale of securities✓ Correct answer
2. BThe issuer has paid dividends in each of the last three fiscal years
3. CThe issuer is listed on a national securities exchange
4. DThe issuer's securities are being underwritten on a firm commitment basis

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