Which of the following is not a major requirement of Efficient Market Hypothesis?

(A) Prices must be efficient so that new inventions and better products will cause a firm's security prices to rise and motivate investors to buy stocks

(B) Transaction costs such as brokerage on purchase and sell of securities is taken into consideration

(C) Taxes are assumed to have no noticeable effect on investment policy

(D) Every investor has similar access to investible funds at same terms and conditions