Which of the following types of securities transactions do anti-fraud rules apply to?

Anti-fraud rules apply to all securities transactions, and this includes both exempt and non-exempt securities. The principle behind this broad application is to protect investors from fraudulent activities and misrepresentations, ensuring that all market participants conduct themselves with integrity, irrespective of the nature of the transaction.

This comprehensive coverage is vital because fraud can occur in various situations, including those that might be exempt from registration requirements. Therefore, the rules are not limited to just certain types of investors or specific categories of securities; they create a safeguard that applies universally across all transactions. Such protections are essential for maintaining market confidence and investor trust.

While the other options might suggest limitations, they do not align with the universal nature of anti-fraud prohibitions. For instance, anti-fraud rules would not be limited just to individual investors or require prior approval from administrators, as fraud can occur in many different contexts and is not contingent on those factors.