(10)As regards effective supervision, the Securities Act of 1933 (the ‘Securities Act’) and the Exchange Act constitute the main acts of primary legislation that establish a legally enforceable regime for the trading of securities in the USA. The Exchange Act gives the SEC broad authority over all aspects of the securities industry, including the power to register, regulate, and oversee broker-dealers, transfer agents, and clearing agencies as well as the U.S. SROs which include national securities exchanges.