An IA located in State G has no place of business in State H and only advises 2 banks and 4 individuals in State H. Which statement best describes the adviser's registration requirement in State H?

1. AThe adviser is exempt because it has no place of business and only four non-institutional clients in State H✓ Correct answer
2. BExempt because all individual clients reside in State G.
3. CExempt due to advising only institutions.
4. DExempt if none of the individuals are residents of State H.

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