Which of the following advisers is LEAST likely to be required to undergo a surprise custody examination?

1. AAn adviser who acts as a general partner of a pooled investment vehicle and deducts fees directly from the pool
2. BAn adviser who serves as trustee to client accounts and holds funds in trust
3. CAn adviser who only has authority to transfer client funds between accounts owned by the same client at different institutions✓ Correct answer
4. DAn adviser who holds client stock certificates in a fireproof firm vault

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