On the federal level, the Securities and Exchange Commission ("SEC") is responsible for investigating securities brokers for fraud, in the event that a consumer complaint is made. Some states, however, have their own laws and regulations regarding securities issuance and transactions, and may even have dedicated state government agencies for the regulation, administration, and enforcement of the securities industry. Furthermore, the SEC and most state securities regulation agencies are not responsible for criminal charges and prosecutions stemming from securities fraud. Rather, the SEC and state agencies may refer securities fraud cases to the appropriate federal or state law enforcement agencies for the consideration of criminal charges, and eventual prosecution in selected cases. Therefore, securities laws are monitored and enforced by both federal and state agencies, and can result in penalties at both the federal and state levels. Penalties may different in severity from federal to state law, and some state laws and regulations are even more restrictive, and provide consumer with additional protections, than the basic federal securities laws.