Which of the Following Entities Is Exempt from the Requirements

Which of the following entities is exempt from the requirements of the Government Securities Act?

A) A bank that operates a securities underwriting department to provide underwriting services to issuers of government securities
B) A national bank that purchases and sells government securities only in its fiduciary capacity on behalf of clients in its trust department
C) A bank that operates a financial advisory service that provides advice to clients on the purchase and sale of government securities
D) A bank that operates an investment department to provide investment advice and purchase and sell all types of securities (including government securities) for clients