Emmet opened an investment advisory service 3 years ago and raised $50 million in capital from family, friends, and contacts and then closed to new investors. If Emmet's stock picks expanded assets under management to $110 million, Emmet:
A) must register for the first time with the state Administrator.
B) must update his registration with the state Administrator.
C) is not required to take any action.
D) must register with the SEC.
Answer: D