Which advisers are EXEMPT from SEC registration?

Intrastate advisers with clients in the same state are indeed exempt from SEC registration under the Investment Advisers Act of 1940. This exemption recognizes that these advisers operate solely within one state and primarily serve clients who are also in that state, minimizing the need for federal oversight. The rationale behind this exemption is to support local businesses and allow them to operate without the burden of extensive federal regulations, as they pose less risk to investors in a smaller, localized market.

The other options do not align with the criteria for SEC registration exemptions. Advisers working exclusively with public corporations are still subject to SEC registration because their activities can significantly impact the public market and involve a broader investor base. Advisers managing less than $5 million in assets under management (AUM) may not qualify for exemption if their clientele includes a wide range of investors beyond the intrastate framework. Those providing only market analysis do not necessarily fall into an exempt category either, as their roles can still require registration if they provide investment advice or recommendations that influence client decisions on securities.