A William Blair junior banker receives a request from an out-of-state trust company (not a bank) for advisory service. The banker's advisory firm has no office in the trust company’s state and only institutional clients. Under the Uniform Securities Act, which is the firm’s registration obligation?

1. AExempt due to the institutional adviser exemption; trust companies are included.✓ Correct answer
2. BNot exempt; trust companies are not among institutions covered by the exemption.
3. CExempt only if the trust company’s assets exceed $50 million.
4. DNot exempt unless the Administrator grants a case-by-case waiver.

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