Which of the following is the true statement with regard to materiality under the antifraud provisions of the federal securities law?

a) Material information does not concern future earnings that cannot be estimated with accuracy

b)Materiality is a function of whether a reasonable person would attach importance to the information and includes the balancing of both the probability that the event may occur and its potential impact relative to the total company activities

c)The SEC has rules for administrative convenience that any event involving less that $100,000 is not material

d)The courts have rules that any event or information that the buyer or seller of securities took into account is material