Under the uniform securities act, an investment adviser is exempt from registration if he has no place of business in a state and his only clients are any of these except?

Under the Uniform Securities Act, an investment adviser is exempt from registration if he has no place of business in a state and his only clients are any of these except:

Under the Uniform Securities Act, registrations must be renewed every December 31. Registrations are not permanent and can be denied, revoked, or canceled according to the terms of the act.Uniform Securities Act is a model law that was established to deal with the fraud in securities at state level by the National Conference of Commissioners on Uniform State Laws. This law also assist and help the  Securities and Exchange Commission (SEC) in enforcement and regulation.

The answer would be 484