All of the following statements regarding securities laws and regulation are correct EXCEPT:

A. The Securities Act of 1933 created the Securities and Exchange Commission (SEC).

B. The Investment Advisers Act of 1940 requires investment advisers to register with the SEC (or their state) and to provide clients with a disclosure brochure.

C. The Securities Exchange Act of 1934 prohibits certain types of conduct in the securities markets.

D. FINRA is a self-regulatory organization that writes and enforces rules governing the activities of broker-dealers in the U.S.