Which of the following statements about the Capital Markets Efficiency Act of 1996 (CMEA) is false?
A) The CMEA's purpose is to facilitate offerings of securities by small investors.
B) The CMEA preempts state registration of offers and sales of securities to "qualified purchasers," as defined by the SEC.
C) The CMEA was passed by Congress.
D) Since state registration provisions are preempted,states cannot apply their own antifraud laws either.
Correct Answer:
Verified
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