Which of the following is not exempt from registration with the SEC under the Securities Act of 1933? a. Securities issued by a nonprofit religious organization. b. Securities issued by a government...

Which of the following is not exempt from registration with the SEC under the Securities Act of 1933?
a. Securities issued by a nonprofit religious organization.
b. Securities issued by a government unit.
c. A public offering of $40 million to unaccredited investors under Regulation A.
d. An offering to 40 sophisticated investors.