Text: Also, new advisers would not have to register initially with a state or states, then deregister and register with the SEC if they had the expectation of being eligible for SEC registration within 120 days.
Entailment: New advisers wouldn't have to register first with a state before registering and deregistering with the SEC.
Contradiction: New advisers would have to register first with state or states before registering and deregistering with the SEC.