The Securities and Exchange Commission was established in 1934 to help regulate the U.S. securities market. Which of the following statements is true about the SEC?

a. The SEC prohibits the sale of speculative securities.

b. The SEC regulates securities offered for public sale.

c. Registration with the SEC guarantees the accuracy of the registrant’s prospectus.

d. The SEC’s initial influences and authority have diminished in recent years as the stock exchanges have become more organized and better able to police themselves.

e. The SEC’s powers are broad with respect to enforcement of its reporting requirements as established in the 1933 and 1934 acts but narrow with respect to new reporting requirements because these require confirmation by Congress.