The antifraud provisions of the Investment Advisers Act of 1940:
A) prohibit any deceitful practice or course of business with respect to the purchase and sale of securities.
B) do not apply to conduct directly related to actual transactions involving the purchase or sale of securities.
C) apply to all conduct related to the purchase and sale of securities.
D) do not apply to activity related to prospective or actual advisory clients.
Answer: B) do not apply to conduct directly related to actual transactions involving the purchase or sale of securities.