Colorado securities fraud and related securities laws are administered by the Colorado Department of Regulatory Agencies, Division of Securities. While the Division of Securities handles securities issues in the state of Colorado on a daily basis, the Colorado Securities Commissioner, in conjunction with the Colorado Securities Board, are responsible for setting policy and interpreting existing state law related to securities. The Colorado Securities Board was created by the Colorado legislature in 1994, and assists the Commissioner in issuing rules and policy regarding securities and related transactions. As is the case with most state's securities laws, dealers and brokers must be registered and licensed by the Division of Securities. Likewise, securities issued in Colorado must be registered with the Division of Securities. The laws for securities registration and licensing in the state of Colorado are set forth in the Colorado Securities Act, the Colorado Commodity Code, the Colorado Municipal Bond Supervision, and the Local Government Investment Pool Trust Fund Administration and Enforcement Act.