In which of the following instances would an investment adviser representative be exempt from the anti-fraud rules of the Uniform Securities Act?
A) The IAR makes a presentation at a seminar where the only topic discussed is fixed annuities.
B) Since the IAR understands how nervous a particular client is, he never admits a loss in the account to that client.
C) The IAR is also an agent of a broker/dealer and, in that capacity, makes a recommendation to a nonadvisory client.
D) In an effort to avoid possible conflicts of interest, the IAR only does personal trades through an account set up with a fictitious name.
Answer: The IAR makes a presentation at a seminar where the only topic discussed is fixed annuities.