An adviser in State Q manages $85 million for pension plans (all with assets below $200 million). The adviser does business in only one state. The adviser asks if he must register federally, with the state, or both. Which is TRUE?

1. AHe must register only with State Q✓ Correct answer
2. BHe must register only with the SEC
3. CHe may choose state or SEC registration
4. DHe is exempt from both registrations under the pension consultant exemption

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