22. The maximum dollar amount of securities that may be issued in any 12-month period under Tier 2 of the SEC's Regulation A is - a. $5 million b. $20 million C. $50 million d. $100 million 23. The maximum dollar amount of securities that may be issued in any 12-month period under Section 506 of the SEC's Regulation D is - a. $5 million b. $10 million C. $50 million d. No limit 24. A securities market is said to be "allocationally efficient" if it -- a. Has the lowest transaction costs b. Has the greatest volume of securities trades C. Distributes capital evenly among market participants Allocates capital to the highest and best use d. 25. Registration and SEC regulation of broker-dealers is -- a. Required by Section 16 of the Securities Exchange Act b. Permitted by Section 15 of the Securities Exchange Act C. Required by Section 13 of the Securities Exchange Act d. Required by Section 15 of the Securities Exchange Act