Federal Covered Advisers and Notice Filing Requirements
An investment adviser firm manages assets substantially in excess of $110 million and is registered with the SEC as a Federal Covered Adviser. The firm establishes a new branch office, constituting a 'place of business,' in State X. At the time of opening this new office, the firm has only four retail clients whose primary residence is in State X. Under the Uniform Securities Act, what is the firm's primary obligation to the Administrator of State X?