...and the self-regulatory agencies requires special comment. The report states in chapter XII-I that "regulation in the area of securities should, in short,...cooperative effort, with the Government fostering maximum self -régula tory responsibility, overseeing its exercise, and standing ready to regulate directly...

...Special Study of Securities Markets noted in reflecting the intent of Congress in words and scheme, "regulation in the area of securities should, in short,...and standing ready to regulate directly where and as the circumstances require." But the views of Congress were fashioned at a time when all self-regulatory...