The Securities and Exchange Commission (SEC) is the primary US federal regulatory body for the securities industry. The SEC is responsible for promoting full disclosure and protecting investors against fraudulent and manipulative practices in the securities markets. The SEC enforces the Securities Act of 1933, the Securities Exchange Act of 1934, the Trust Indenture Act of 1939, the Investment Company Act of 1940 and the Investment Advisers Act. There are five SEC commissioners, who are appointed by the US President.