XYZ broker-dealer is located in State A, where it maintains its corporate headquarters. Under the Uniform Securities Act, XYZ would not meet the definition of a broker-dealer in State B if it:
A) Has no office in State B and only sells securities to an investment company located in State B
B) Has an office in State B and conducts business only with other broker-dealers
C) Has an office in State B and conducts business with insurance companies
D) Has no office in State B and conducts business with high net worth clients that are residents of State B