A Chicago-based adviser has only institutional clients in Missouri, but opens a one-person branch office in St. Louis solely for marketing purposes. Which is MOST accurate about Missouri registration under the USA?

1. AThe adviser is exempt due to having only institutional clients.
2. BThe adviser must register in Missouri because it now has a physical office there.✓ Correct answer
3. CThe adviser is exempt if the office does not serve retail clients.
4. DThe adviser is exempt if the office is temporary.

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