State regulatory agencies. Now, in addition to the SEC and the various self-regulatory organizations, each state also has its own regulator known as an administrator. Now, state regulation of the securities industry dates back further than even the SEC by more than two decades. And while each state works independently, they do have membership in an organization called the North American Securities Administration, or the NASAA. And each state is a member, along with US territories and even Canada and Mexico, and this organization helps them to add scale to their efforts and to help with efficiency. Now, what is the role of a state agency? First of all, it's tasked with licensing brokers and brokerage firms and investment advisers, especially the smaller ones with less than 100 million in assets, since at that level it falls below SEC requirements to fall under their jurisdiction. Next it's tasked with registering certain securities that are offered within the state and of course it's there to enforce state laws and to investigate customer complaints and any potential cases of investment fraud. And any wrongdoers are subject to prosecution at the state level in addition to the federal level.