a. Antifraud provisions apply to non-exempt securities only.
b. Antifraud provisions apply to exempt securities only.

c. Antifraud provisions apply to both exempt and non-exempt securities.

d. Antifraud provisions apply neither to exempt nor to non-exempt securities.

Answer: C

As with other antifraud provisions under the Act (such as for actions by IAs), the antifraud provisions apply to all securities.

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