Which of the following statements on securities laws and regulations is least accurate?

Select one

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

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

C$.$

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.

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