In a state-law practice set, a candidate reviews the following scenario. Assume the administrator is testing the cleanest state-law answer. Under the Uniform Securities Act, which of the following is generally required to register as an investment adviser at the state level?

Why C — A firm that provides investment advice to clients for compensation

Under the USA, any firm or individual who, for compensation, engages in the business of advising others about securities generally must register as an investment adviser, unless an exemption applies. Banks, bona fide publishers, and professionals offering incidental advice are excluded from the definition (USA Section 401(c)). The exam trick is the framing, not the underlying Uniform Securities Act rule.