Who does the FSCA regulate

Question $4$Select one:

a$.$

Where an entity carries out an activity that requires it to be licensed as a financial institution under the Financial Sector Regulation Act $$ namely providing a financial product or a financial service as a business or part of a business, or operating a market infrastructure $-$ the FSCA has the authority to regulate and supervise that institution.

b$.$

Where an entity carries out an activity that requires it to be licensed as a financial institution under the Security Services Act $$ namely providing a financial product or a financial service as a business or part of a business, or operating a market infrastructure $-$ the FSCA has the authority to regulate and supervise that institution.

c$.$

Where an entity carries out an activity that may be unlicensed $$ namely providing a financial product or a financial service as a business or part of a business, or operating a market infrastructure $-$ the FSCA has the authority to regulate and supervise that institution.

d$.$

Any financial entity carrying out any financial activity $-$ the FSCA has the authority to regulate and supervise that institution.