Under the Securities Exchange Act of 1934, which of the following statements regarding reports required to be filed with the SEC is TRUE?
A) Persons who become the beneficial owner of more than 2% of a security registered under the Securities Exchange Act of 1934 must file a report within 5 days.
B) Institutional investment managers who exercise discretion over accounts valued at $100 million or more need not file reports if all their clients are insurance companies.
C) Institutional investment managers who exercise discretion over accounts valued at $100 million or more of 13(f) securities must file reports quarterly.
D) Persons who become the beneficial owner of more than 5% of a security registered under the Securities Exchange act of 1934 must file a report within 2 days.