Respuesta :
The person who owns a business providing advice on commodity futures contracts is not required to register as an investment adviser in the state.
The question is referring to federal covered adviser which the futures contracts doesn't considered as securities. The Investment Advisers Act of 1940 explained that the definition of investment adviser is specifically excluded for a person whose securities advice is confined to securities guaranteed or issued by the Treasury.
So, from the Investment Advisers Act of 1940 we know that person is covered under NSMIA so that person is not subject to state regulation as an investment adviser.
You question is incomplete, but most probably your full question was
Under the Uniform Securities Act, a person who owns a business providing advice on commodity futures contracts as well as limiting its securities advice to those issued or guaranteed by the U.S. government is
not required to register as an investment adviser in the state
required to be a registered investment adviser in the state
required to be a registered investment adviser representative in the state
required to be a registered agent in the state
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