AS 45.55.990(7)(E) provides [registration is not required for] a person who has no place of business in this state if, during a period of 12 consecutive months, the person does not effect more than 15 transactions at the initiation and direction of the customer and on behalf of residents of this state regardless of whether the residents are then present in this state and does not direct any offers other than those specified in (D) of this paragraph, regardless of whether the offerer or any offeree is then present in this state;
AS 45.55.030(c)(2) provides [registration is not required if] during the preceding 12 months, the person has not had more than five clients who are residents of this state other than those specified in (A) of this paragraph; in this subparagraph, the number of the person's clients shall be determined under 17 C.F.R. 275.203(b)(3)-1 and 17 C.F.R. 275.222-2, as those regulations exist on or after the effective date of this Act.
By operation of AS 45.55.040(h) the same rule is made applicable to Federal Covered Advisers.