Fly-By-Night Investment Advisers Has Closed Its Doors

Fly-By-Night Investment Advisers has closed its doors. Which of the following statements is true?

A) Fly-By-Night is required to shred all documentation of client transactions and communications.
B) Fly-By-Night must send all records of client transactions and communications to the state Administrator for safekeeping.
C) Fly-By-Night must preserve and maintain all records, including client transactions and communications, advertising materials, and financial statements of the now-defunct business for five years.
D) Fly-By-Night must send each of its former clients its records of all that client's transactions and communications with the firm over the past five years.