(12)The Exchange Act requires that all registered NSEs are able to enforce compliance by their members and persons associated with their members with the Exchange Act, the rules and regulations thereunder, and their own rules. As part of its ongoing supervision of NSEs, the SEC evaluates each exchange’s ability to survey its members and their trading activities. It is also incumbent on a NSE to address any potential violations of the market’s rules or the federal securities laws by its members and report such potential violations to the SEC.