Which of the following is true regarding the Administrator's authority over exempt transactions under the USA?

1. AThe Administrator may deny or revoke the exemption for any transaction except those involving federal covered securities.
2. BThe Administrator cannot deny or revoke the exemption for any transaction.
3. CThe Administrator may deny or revoke the exemption for fiduciary transactions.✓ Correct answer
4. DThe Administrator may revoke the exemption for all transactions including those involving federal covered securities.

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