(1) The United States has the most established regulation for the financial industry, and thus US financial markets could provide the most protection for investors. (II) Existence of board of directors in each public company is required by regulation, and plays a sufficient role in diminishing agency problems. Select one: a. (I) is true; (II) false. b. (1) is false; (II) true. c. Both (1) and (II) are true. d. Both (1) and (II) are false. (1) Since Charles Schwab derives more than 50% of their revenue from interest income as banks do, Charles Schwab should be considered as depository institution; (11) In the context of Charles Schwab acquiring TD Ameritrade, in order to fulfill cost synergy, reduction of workforce is necessary. Select one: a. (1) is true; (II) false. b. (I) is false; (II) true. c. Both (1) and (II) are true. d. Both (I) and (II) are false