In additional to setting forth certain registration requirements, the Securities and Exchange Act of 1934 ("the Exchange Act") generally requires brokers and dealers, including those who deal solely with government securities, to be members of a certain national securities exchange or national securities association. Although there were formerly a number of self-regulatory organizations ("SRO"), such as those units of the New York Stock Exchange, most such organizations have now merged into the Financial Industry Regulatory Authority ("FINRA"), a SRO formed in 2007. Like brokers themselves, SROs must be registered with the Securities and Exchange Commission ("SEC") in order to qualify as a legitimate association for brokers to join under the Exchange Act. SROS typically have broad authority to set and impose standards and rules for conduct, and to enforce these rules and initiate disciplinary proceedings against brokers who are alleged to have committed misconduct. The self-regulatory activities performed by the securities industry through FINRA combine with state and federal laws, as well as SEC rules, to effectively combat stockbroker fraud.