(b) Notice filing requirement not required. The following federal covered investment advisers are not required to comply with subsection (c):

1. (1) a federal covered investment adviser without a place of business in this state if its only clients in this state are:

   (A) federal covered investment advisers, investment advisers registered under this chapter, and broker-dealers registered under this chapter;

   (B) institutional investors;

   (C) accredited investors;

   (D) bona fide preexisting clients whose principal places of residence are not in this state; or

   (E) other clients specified by rule adopted or order issued under this chapter;

2. (2) a federal covered investment adviser without a place of business in this state if the person has had, during the preceding 12 months, not more than five clients that are resident in this state in addition to those specified under paragraph (1); and
3. (3) any other person excluded by rule adopted or order issued under this chapter.