According to the Investment Advisers Act of 1940, under which of the following circumstances is an exculpatory provision acceptable in a contract between an investment adviser and its clients?
A) This provision is prohibited under all circumstances.
B) The client has received written disclosure of this provision and has signed a written acceptance prior to any transaction.
C) The client is a broker/dealer.
D) The client is purchasing government securities only.
Answer: A) This provision is prohibited under all circumstances.