In the United States today, investment broker fraud, as well as corporate fraud, is primarily the responsibility of the U.S. Securities and Exchange Commission ("SEC"). The SEC was created by the Securities Exchange Act of 1934, a set of laws that the SEC enforces, along with a variety of other major federal laws governing the issuance and dealing of securities in the United States. The SEC has the power to license and regulate securities transactions, corporations, and dealer-brokers. In order to enforce federal securities laws, the SEC may initiate civil enforcement actions against individuals or companies who have violated these laws, including instances of fraud, misrepresentation, and insider trading. Although the SEC does not directly bring criminal prosecutions for violation of federal securities laws, it does work closely with state and federal law enforcement agencies to bring criminal charges against individuals or companies as needed. Moreover, the SEC monitors compliance with federal securities laws by requiring certain reports and other information from registered brokers and firms.