The Securities Exchange Act of 1934 ("the Exchange Act") generally establishes rules governing brokers with respect to fraud and other types of misconduct. For instance, the Exchange Act outlaws broker misconduct such as exposing an investor to excessive amounts of risk, or acting contrary to an investor's clearly stated financial goals and objectives. Brokers are not only subject to the antifraud provisions of the Exchange Act, but also to Securities and Exchange Commission ("SEC") regulations regarding standards for professional practice, such as specific record-keeping requirements and net capital rules. The Exchange Act and the SEC also may bar certain brokers from the brokerage industry if they are found to have committed certain acts of misconduct or violated certain rules and/or regulations. Additionally, brokers and/or dealers who specialize in transactions involving government securities are governed by similar rules and regulations set forth in the Government Securities Act of 1986, including, among other requirements, the necessity of registering with the SEC.