The Administrator may require a firm to supply it with any prospectus, pamphlet, advertisement, or...

Only Selections II and III are correct. The Administrator may require a firm to supply it with any prospectus, pamphlet, advertisement, or other sales literature intended for prospective investors unless the security is a federal covered security or is issued by a state credit union, both of which are on a longer list of exempted securities. It doesn’t matter whether or not the securities will be sold to clients of an investment advisory firm.