An adviser with no physical office in State Q provides advice exclusively to a corporate pension fund registered with the SEC. Is the adviser required to register in State Q?

1. AYes, since the pension fund is a private entity.
2. BNo, because advice is limited to an institutional client and there is no office in State Q.✓ Correct answer
3. CYes, because the pension fund is not a bank or insurance company.
4. DNo, but only if the pension fund does not compensate the adviser.

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