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Advisers must disclose conflicts of interest. Failure to do so breaches fiduciary duty regardless of suitability, client type, or regulatory oversight. Correct: B.

NASAA allows distribution of third-party research if the source is disclosed and the content is fair, accurate, and not misleading. SEC pre-approval is not required. Correct: B.

Advisers with under $100 million AUM register at the state level unless exempt. SEC registration applies at $110 million or more. FINRA does not regulate advisers. Correct: B.

Administrators may issue cease-and-desist orders and revoke state registrations but cannot impose criminal penalties or alter federal registration. Correct: A.

When agents change employment, their registration with the old firm terminates. They must re-register with the new broker-dealer. Vacations, client type, or multi-state registration do not end registration. Correct: A.