Which of the following is true of Rule 10b-5 of the 1934 Act?

Question

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The most important liability section in the 1934 Act is Section 10(b). Securities need not be registered under the 1933 Act or the 1934 Act for Rule 10b-5 to apply. The rule applies to transactions executed on a securities exchange as well as face-to-face transactions. The most important elements of a Rule 10b-5 violation are a misstatement or omission of material fact, scienter, and reliance.

Which of the Following Is True of Rule 10b-5 of the 1934