The Securities and Exchange Commission (SEC) was established in1934 to help regulate the U.S. securities market. Which of the following statements is true concerning the SEC?

a. The SEC prohibits the sale of speculative securities.

b. The SEC regulates only securities offered for public sale.

c. Registration with the SEC guarantees the accuracy of the registrants prospectus.

d. The SECs initial influence and authority has diminished in recent years as the stock exchanges have become more organized and better able to police themselves.