SECTION 18 OF THE SECURITIES ACT OF 1933

15 U.S.C. § 77r (1988)

Nothing in this title shall affect the jurisdiction of the securities commission (or any agency or office performing like functions) of any State or Territory of the United States, or the District of Columbia, over any security or any person.

SECTION 28(a) OF THE SECURITIES EXCHANGE ACT OF 1934

15 U.S.C. § 78bb(a) (1988)

(a) * * * Nothing in this title shall affect the jurisdiction of the securities commission (or any agency or officer performing like functions) of any state over any security or any person insofar as it does not conflict with the provisions of this title or the rules and regulations thereunder. * * *