Securities law

Securities regulation in the United States is the field of U.S. law that covers transactions and other dealings with securities. The term is usually understood to include both federal- and state-level regulation by purely governmental regulatory agencies, but sometimes may also encompass listing requirements of like the and rules of self-regulatory organizations like the Financial Industry Regulatory Authority (FINRA).

On the federal level, the primary securities regulator is the Securities and Exchange Commission (SEC). Futures and some aspects of derivatives are regulated by the Commodity Futures Trading Commission (CFTC).

FINRA is a self-regulatory organization that promulgates rules that govern broker-dealers and certain other professionals in the securities industry. It was formed by the merger of the enforcement divisions of the National Association of Securities Dealers (NASD) and the . FINRA, like the exchanges and the Securities Investor Protection Corporation (SIPC), is overseen by the SEC, and in general FINRA's rules are subject to SEC approval.

All brokers and dealers that are registered with the SEC (pursuant to 15 U.S.C. § 78o), with a number of exceptions, are required to be members of SIPC (pursuant to 15 U.S.C. § 78ccc) and are subject to its regulations. The SIPC, like the exchanges and FINRA, is overseen by the SEC, and the SIPC's rules are generally subject to SEC approval.

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