### Question
How does SECURITIES EXCHANGES define self-regulatory organization?


### Answer
Under *15 U.S.C. § 78c*, **self-regulatory organization** is defined as:

> any national securities exchange, registered securities association, or registered clearing agency, or (solely for purposes of sections 78s(b), 78s(c), and 78w(b) of this title) the Municipal Securities Rulemaking Board established by section 78*o*–4 of this title

#### Citation:
  - *15 U.S.C. § 78c*
  - Heading: **CHAPTER 2B-SECURITIES EXCHANGES**

