The SEC promotes full public disclosure, protects investors against fraudulent and manipulative practices in the market, and monitors corporate takeover actions in the United States.Generally, issues of securities offered in interstate commerce, through the mail or on the Internet, must be registered with the SEC before they can be sold to investors. It has a choice of a tabbed document interface or tree interface, support for multiple servers, and numerous configuration options.Both command line and graphical versions were available.The FSQ modulation, coding and FSQCall protocol are publicly disclosed and described, and the software is open source.

XChat's main source code tree has not received any patches since 2013.).

Financial services firms, such as broker-dealers, advisory firms and asset managers, as well as their professional representatives, must also register with the SEC to conduct business.

The SEC's primary function is to oversee organizations and individuals in the securities markets, including securities exchanges, brokerage firms, dealers, investment advisors and various investment funds.

The main body of XChat code is licensed under the GNU General Public License.

However, on August 23, 2004, the official build for Windows had become shareware, and had to be purchased after a 30-day trial period.