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Business, 17.04.2020 16:19 filzaf9632

A federal covered adviser with its sole office in State X has 5 clients in State Y and 5 clients in State Z. A client located in State Z files a complaint with the Administrator of State Z, alleging that the adviser misappropriated funds. Which Administrator(s) have authority to take action against the adviser if the complaint is determined to be valid?

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