Which of the following would not have to register as an investment adviser or an investment adviser representative under the Investment Advisers Act of 1940?
I. an insurance agent who sells only whole life and term life policies
II. a commodity futures broker -
III. a bank employee who sells the banks customers only CDs and other bank securities that are FDIC-insured
IV. a person that is registered as a broker-dealer with the SEC that also provides investment advice to its customers for additional compensation
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