In an attempt to discourage and prevent stockbroker misconduct, the Securities Exchange Act of 1934 ("the Exchange Act") created the Securities and Exchange Commission ("SEC"), a federal governmental body that regulates stockbrokers and other financial industry professionals with respect to the issuance and sale of securities. The SEC is empowered to issue rules and regulations with which stockbrokers, investment professionals, and securities dealers must comply. There are also various provisions of the Exchange Act that require the registration of most securities, as well as the monitoring of stockbrokers and financial professionals. Additionally, many states have adopted some form of the Uniform Securities Act, which means that the financial industry, and specifically, securities, may be regulated on the state level, as well. These state laws may give investors additional protections and/or remedies, in addition to any relief that might be available in a securities fraud case under applicable federal laws. In any case, there may be civil and criminal penalties, whether under state and/or federal law, for stockbroker misconduct.