Regulatory agencies, the SEC. Now, the SEC, also known as the US Securities and Exchange Commission, is a federal agency in that it's the primary and the largest regulator for the securities market here in the US. Now, who are they charged with regulating? Well, really, it's almost everyone related doing work or related to the securities industry here in the US. So it includes marker participants, including exchanges, broker dealers, self-regulatory organizations, clearing houses, credit agencies, most investment advisors, and others, and they're required to register and disclose financial info about their business practices to the SEC on a regular basis. Now, the SEC was created back in 1934 by the Security Exchange Act and at that time and currently, it's been tasked with several duties. To create an interpret securities laws, provide rules around disclosure for corporations and investment products. An example here is that US publicly traded firms are required to file financial statements with the SEC on a periodic basis. And, you know, likewise, investment products, whether it's mutual funds or ETFs, need to file informations, like prospectuses, to the SEC on a periodic basis. And they're also tasked with enforcing all the rules. Now, their stated admission is very straightforward. They're there to protect all investors from wrongdoing or misleading behavior by market participants. They're there to maintain orderly and fair markets and efficient markets, hence that work with the various exchanges here in the US. And all of this is to facilitate and help the capital formation process. Now, even though it's the primary overseer and regulator of the securities markets here in the US, the SEC also works closely with many other institutions, including Congress and other federal departments, SROs and exchanges, state regulators, and many, many more. So you can see how the SEC is truly an integral part of the US financial system.