Which of the following persons is EXCLUDED from registration as an investment adviser under the Investment Advisers Act of 1940? A. A person who renders advice only on foreign securities
B. A person who renders advice only on U. S. Government securities
C. A person who renders advice only on municipal securities
D. All of the above

B. A person who renders advice only on U.S. Government securities

Explanation:

According to the United States Securities and Exchange Commission, SEC, which oversees investment advisers, primarily under the Investment Advisers Act of 1940 and the rules adopted under that statute, specifically in Section 202(a)(11) (A)-(E), where it listed various or different those of persons or firms that are exempted by the Advisers Act from the definition of an investment adviser, in which it includes any person or firm who renders advice only on U.S. Government securities.

Hence, the right answer is Option B. : A person who renders advice only on U.S. Government securities