Global Investments is a broker-dealer based in State A. It is currently registered as a broker-dealer is States B, C, and D. The firm is looking to expand its business to State E. Under the Uniform Securities Act, in which of the following situations would Global Investments NOT be required to register as a broker-dealer in State E?
A. The firm transacts business only with other broker-dealers.
B. The firm's sole business in State E is with four or fewer noninstitutional customers within a 12-month period.
C. The firm's sole business in State E is limited to transactions in federal covered securities.
D. The firm transacts business only with institutional investors.