Marshall owns a business and wants to sell securities to a few of his friends in his neighborhood. He discovers he is exempt from filing with the SEC under both the "intrastate offering exemption" and the "small issues" exemption. Does he need to tell the SEC what he is doing or not?

a.Yes. Marshall has to file a registration statement and prospectus with the SEC even though he is exempt.

b.Yes. Marshall must give notice to the SEC by filing From D with the SEC.

c.No. Marshall does not need to file any documents with the SEC because he is exempt.