Steve Jones is an agent for First Central Securities, a broker-dealer domiciled in Minnesota, with offices in numerous states. The Administrator for the State of Wisconsin has revoked First Central's registration, causing the broker-dealer to close that office. Steve has a client who has moved to Madison, Wisconsin. Steve wants to continue to do business with him. According to the Uniform Securities Act, which of the following statements is TRUE?a. This is acceptable provided First Central no longer maintains a place of business in the state and Steve conducts business with existing clients who are not residents of the stateb. This is acceptable provided Steve's registration as agent is in effect in Wisconsinc. This is not acceptable if First Central no longer has a place of business in the stated. This is not acceptable and neither First Central nor any of its agents may conduct business in Wisconsin

It is not acceptable beacause an agent's registration is bound to the broker-dealer's registration. His registration would also have been revoked by the Administrator.

In order to do business with existing clients who are residents of the state, a broker-dealer ought to be registered in the state, and its agents must be eligible to register in the state. Since, First Central is no longer registered in the state, its agents are ineligible for registration in the state.