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Fly-By-Night Investment Advisers has closed its doors.

Fly-By-Night Investment Advisers has closed its doors.

Which of the following statements is true?

A.

Fly-By-Night is required to shred all documentation of client transactions and communications.

B.

Fly-By-Night must send all records of client transactions and communications to the state Administrator for safekeeping.

C.

Fly-By-Night must preserve and maintain all records, including client transactions and communications, advertising materials, and financial statements of the now-defunct business for five years.

D.

Fly-By-Night must send each of its former clients its records of all that client’s transactions and communications with the firm over the past five years.

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