An investment adviser located in State A provides advice solely to banks located in several other states. According to the Uniform Securities Act, which statement BEST describes the adviser's registration requirement in State A?

1. AThe adviser is exempt from registration due to the institutional client exemption.
2. BThe adviser must register in State A since it is located there.✓ Correct answer
3. CThe adviser must register in every state where its clients are located.
4. DThe adviser is exempt only if its advice is general and not specific.

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