Why Was Goldman Sachs Not Obligated to Disclose Its Position

Multiple Choice

Why was Goldman Sachs not obligated to disclose its position on securities it was marketing to its clients?

A) Because the offerings were all exempt from the need for furnishing disclosures to investors.
B) Because the offerings involved crowd funding.
C) Because Goldman was using the 506 exemption.
D) Because Goldman is not a 1934 Act registered company.