Considering the Securities Firms and Investment Banking Industries, the National

Considering the securities firms and investment banking industries, The National Securities Markets Improvement Act (NSMIA) of 1996

A) appointed the Federal Reserve System as the primary regulator of the industry.
B) diminished the role of the National Association of Securities Dealers (NASD) in regulating the industry.
C) allowed individual states the right to require registration of firms operating in the state.
D) effectively affirmed the SEC as the primary regulator of the industry.
E) required all firms in the industry to maintain minimum amounts of capital.