Overview of the Regulatory Framework

A membership organization — such as FINRA, the MSRB, or Cboe — that writes and enforces rules for its own members, operating under SEC oversight.

The Securities and Exchange Commission (SEC) — every SRO operates under its supervision.

The Securities Exchange Act of 1934.

The secondary market — exchanges, broker-dealers, and trading practices — including anti-fraud and anti-manipulation provisions. It is often called the 'People Act' because it regulates market participants.

The 1933 Act governs new issues in the primary market (registration and prospectus requirements); the 1934 Act governs secondary-market trading and the people and firms that trade.

The organization and operation of investment companies — pooled investment vehicles such as mutual funds, closed-end funds, and unit investment trusts.