(11)The Exchange Act identifies and prohibits certain types of conduct in the markets and provides the SEC with disciplinary powers over regulated entities and persons associated with them. Moreover, the Exchange Act empowers the SEC to require periodic reporting of information by companies with publicly traded securities. Self-regulation of market intermediaries through a system of SROs is one of the core elements of the U.S regulatory framework. Under the U.S. regulatory framework, SROs, as regulators, are primarily responsible for establishing and monitoring the rules under which their members conduct business.