The Administrator issues a subpoena for records to a non-resident broker-dealer whose alleged violation involves a State M client. Which is TRUE under the USA?

1. AThe Administrator has the power to subpoena the broker-dealer since the violation involved a State M client.✓ Correct answer
2. BThe Administrator cannot subpoena non-residents under any circumstances.
3. CThe Administrator must notify the broker-dealer's home state before issuing the subpoena.
4. DThe subpoena is only valid if the federal government approves.

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