Texas is a major securities market in the United States, with over $300 billion in registration fees and securities filing in 2007. Securities laws in Texas are regulated and enforced by the Texas State Securities Board, a five-member commission that is appointed by the Texas governor and Senate. While the Texas State Securities Board is headquartered in Austin, it also maintains branch offices in Dallas, Houston, Lubbock, Corpus Christi, and San Antonio, which deal with licensing, registration, and securities fraud. While there are some exemptions, the majority of securities issued and investment advisors and/or brokers are subject to the registration requirements of Texas securities laws. The Enforcement Division of the Texas State Securities Board initiates civil and criminal proceedings against individuals and/or companies who have been charged with violating Texas securities laws. Moreover, in some circumstances, the Enforcement Division refers cases to the Texas Attorney General for enforcement action in terms of issuing injunctions against the sale of securities and seeking restitution for defrauded investors in appropriate circumstances.