An investment adviser with its principal office in State X is registered federally and maintains offices in both State X and State Y. The adviser has 7 retail clients in State Z but no office there. According to the Uniform Securities Act, which of the following statements is correct regarding its registration requirement in State Z?

1. AThe adviser is exempt from notice filing in State Z if it only deals with institutional clients there.
2. BThe adviser must notice file in State Z because it is a federal covered adviser with more than 5 clients.✓ Correct answer
3. CThe adviser does not need to register or notice file in State Z if it has no place of business and fewer than 6 clients in any 12-month period.
4. DThe adviser must register in State Z because it has more than 5 clients there.

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