Which of the following statements is true?

a. Illegal trading can be committed by anyone who has access to public information.

b. Insider trading can be legal or illegal.

c. To deter insider trading, insiders are allowed to buy and sell stock anytime they want.

d. The SEC has no available tests to determine whether someone is an insider.

e. To be legal, insiders must report their transactions within one month of the date of the transaction.