merrill lynch pierce fenner smith inc et al manning et argued december decided may respondent greg manning held two million shares stock escala group inc claims lost investment share price plummeted petitioners merrill lynch financial institutions collectively merrill lynch devalued escala naked short sales stock unlike typical short sale person borrows stock broker sells buyer open market later purchases number shares return broker seller naked short sale borrow stock puts market never delivers promised shares buyer practice injure shareholders driving stock price regulated securities exchange commission regulation sho prohibits intentionally failing deliver securities thereby curbing market manipulation manning former escala shareholders collectively manning filed suit new jersey state alleging merrill lynch actions violated new jersey law though manning chose bring claims federal securities laws rules complaint referred explicitly regulation sho cataloguing past accusations merrill lynch flouting requirements suggesting transactions issue violated regulation merrill lynch removed case federal district asserting federal jurisdiction two grounds first invoked general federal question statute grants district courts jurisdiction civil actions arising federal law also invoked securities exchange act exchange act grants federal district courts exclusive jurisdiction suits equity actions law brought enforce liability duty created exchange act rules regulations thereunder manning moved remand case state arguing neither statute gave federal authority adjudicate claims district denied motion third circuit reversed first decided confer jurisdiction manning claims arose state law necessarily raise federal issues district appropriate forum exchange act held covers cases satisfy arising test general federal jurisdiction held jurisdictional test established test deciding case arises federal law pp section text readily supports meaning parties two alternatives merrill lynch argues plain language requires expansive rule suit either explicitly implicitly asserts breach exchange act duty brought enforce duty even plaintiff seeks relief solely state law natural reading text however confers federal jurisdiction action commenced order give effect exchange act requirement brought enforce language thus stops short embracing complaint happens mention duty established exchange act meanwhile manning far restrictive interpretation suit brought enforce brought directly statute veers far opposite direction instead language best read capture suits brought exchange act rare suit claim rises falls plaintiff ability prove violation federal duty existing jurisdictional test well captures classes suits brought enforce duty provision federal jurisdiction civil actions arising federal law federal jurisdiction often attaches federal law creates cause action asserted may also attach claim necessarily raise stated federal issue actually disputed substantial federal forum may entertain without disturbing congressionally approved balance federal state power grable sons metal products darue engineering pp precedents interpreting term brought enforce likewise interpreted jurisdictional grant coextensive construction arising standard see pan american matsushita elec industrial epstein pp construing consistent text precedent cover suits arise exchange act serves goals consistently underscored interpreting jurisdictional statutes gives due deference important role state courts promotes administrative simplicity major virtue jurisdictional statute hertz friend judges litigants familiar arising standard works test generally provides ready answers jurisdictional questions pp affirmed kagan delivered opinion roberts kennedy ginsburg breyer alito joined thomas filed opinion concurring judgment sotomayor joined opinion notice opinion subject formal revision publication preliminary print reports readers requested notify reporter decisions washington typographical formal errors order corrections may made preliminary print goes press merrill lynch pierce fenner smith et petitioners greg manning et al writ certiorari appeals third circuit may justice kagan delivered opinion section securities exchange act exchange act stat amended et grants federal district courts exclusive jurisdiction suits equity actions law brought enforce liability duty created exchange act rules regulations thereunder hold today jurisdictional test established provision one used decide case arises federal law see respondent greg manning held two million shares stock escala group company traded nasdaq escala share price plummeted manning lost investment manning blames petitioners merrill lynch several financial institutions collectively merrill lynch devaluing escala period naked short sales stock typical short sale security one made borrower rather owner stock transaction person borrows stock broker sells buyer open market later purchases number shares return broker short seller hope stock price decline time sells borrowed shares time buys replacements pay back loan happens seller gets pocket difference minus associated transaction costs naked short sale contrast seller borrowed otherwise obtained stock puts market never delivers promised shares buyer see naked short selling antifraud rule securities exchange commission sec release fed reg practice beyond effect individual purchasers serve tool drive company stock price course injures shareholders like manning sec regulates short sales federal level commission regulation sho issued exchange act prohibits short sellers intentionally failing deliver securities thereby curbs market manipulation see cfr lawsuit manning joined six former escala shareholders alleges merrill lynch facilitated engaged naked short sales escala stock violation new jersey law complaint asserts merrill lynch participated short sales times neither possessed intention obtaining sufficient stock deliver buyers app pet cert amended complaint conduct manning charges contravened provisions new jersey racketeer influenced corrupt organizations act rico new jersey criminal code new jersey uniform securities law also adds ran afoul new jersey common law negligence unjust enrichment interference contractual relations see manning chose bring claims federal securities laws rules complaint however referred explicitly regulation sho describing purposes rule cataloguing past accusations merrill lynch flouting requirements see complaint couched description short selling issue terms suggesting merrill lynch violated regulation addition infringing new jersey law see manning brought complaint new jersey state merrill lynch removed case federal district see allowing removal civil action federal district courts original jurisdiction merrill lynch asserted federal jurisdiction two grounds first invoked general federal question statute grants district courts jurisdiction civil actions arising federal law second maintained suit belonged federal virtue exchange act provision relevant part grants district courts exclusive jurisdiction suits equity actions law brought enforce liability duty created exchange act rules regulations thereunder manning moved remand case state arguing neither statute gave federal authority adjudicate collection claims district denied motion see nj mar app pet cert appeals third circuit reversed ordering remand case state see third circuit first decided federal question statute confer suit manning claims brought state law none necessarily raised federal issue held exchange act make district appropriate forum relying construction nearly identical jurisdictional provision appeals found covers cases involving exchange act satisfy arising test federal question statute see citing pan american petroleum superior del new castle district lacked jurisdiction manning suit exclusive forum merrill lynch sought review solely whether commits manning case federal see pet cert circuit split provision granted certiorari affirm ii like third circuit read conferring exclusive federal jurisdiction suits aris exchange act pursuant general federal question statute see text readily supports meaning either parties two alternatives precedents interpreting identical statutory language positively compel conclusion construction fits practice reading jurisdictional laws long consistent language respect traditional role state courts federal system establish clear administrable rules section noted earlier provides federal district courts exclusive jurisdiction suits equity actions law brought enforce liability duty created exchange act rules regulations thereunder see supra much wording appears nine federal jurisdictional provisions mostly enacted like part new regulatory merrill lynch argues plain unambiguous language requires expansive understanding scope brief petitioners whenever says merrill lynch plaintiff complaint either explicitly implicitly assert defendant breached exchange act duty suit brought enforce duty federal exclusive jurisdiction reply brief see tr oral arg confirming allegations need express merrill lynch contends even plaintiff case brings claims complaint seeks relief solely state law see reply brief merrill lynch continues even plaintiff prevail claims without proving alleged breach exchange act duty violation regulation sho actually occurred see tr oral arg words enforce focus necessarily decide natural reading text extend far brought context means commenced black law dictionary ed word expressing purpose consequence concise oxford dictionary enforce means give force effect webster new international dictionary english language confers federal jurisdiction action commenced order give effect exchange act requirement language emphasizing suit designed accomplish stops short embracing complaint happens mention duty established exchange act consider example simple action breach contract plaintiff alleges atmospheric reasons defendant conduct also violated exchange act still less defendant bad actor infringed statute another occasion merrill lynch view cover suit indeed merrill lynch points incidental assertions basis federal jurisdiction see brief petitioners supra hypothetical suit brought enforce state contract law exchange act plaintiff get relief seeks showing breach agreement without proving violation federal securities law suit achieve supposed even issues involving exchange act never come critiquing merrill lynch position similar grounds manning proposes far restrictive interpretation language one going beyond needs prevail see brief respondents according manning suit brought enforce exchange act duties liabilities brought directly statute claims asserts duties means vindicate created exchange act view everything depends justice holmes famously said another jurisdictional context law creates cause action american well works layne bowler complaint asserts right action deriving exchange act associated regulation suit must proceed federal complaint brings claims case belongs state forum manning claims even contrary third circuit held success state claim necessarily hinges proving defendant breached exchange act duty see brief respondents manning view text requirements although better merrill lynch veers far opposite direction doubt manning says suit asserting exchange act cause action fits within scope bringing suit prototypical way enforcing exchange act duty way rare occasions suggested suit raising claim rises falls plaintiff ability prove violation federal duty see grable sons metal products darue engineering smith kansas city title trust manner action necessarily depends showing defendant breached exchange act suit also fall within compass suppose example state statute simply makes illegal violation exchange act involving naked short selling plaintiff seeking relief state law must undertake prove cornerstone suit defendant infringed requirement federal statute indeed hypothetical plaintiff project accordingly suit even though asserting claim also brought enforce duty created exchange act existing jurisdictional test well captures classes suits brought enforce duty noted earlier provides federal jurisdiction civil actions arising federal law see supra found statutory term satisfied either two circumstances directly often federal jurisdiction attaches federal law creates cause action asserted set cases manning highlights offering view even claim finds origins state law special small category cases arising jurisdiction still lies gunn minton slip internal quotation marks omitted explained federal jurisdiction claim necessarily raise stated federal issue actually disputed substantial federal forum may entertain without disturbing congressionally approved balance federal state power grable see gunn slip framing standard test description typically fits cases like described cause action brought enforce duty created exchange act claim success depends giving effect federal requirement accordingly agree jurisdictional test matches one formulated applied cases involving exchange act case meets arising standard commands go federal merrill lynch objects rule construes completely different language phrases arising brought enforce respectively mean exactly thing reply brief deny point think far less odd merrill lynch test jurisdiction grounded provision particular phrasing long read words arising article iii extend quite broadly cases federal question ingredient action merrell dow pharmaceuticals thompson quoting osborn bank wheat statutory context however opted give words narrower scope light history demands reason coherence dictates sound judicial policy romero international terminal operating resulting test turn text nothing remarkable fitting even neatly differently worded statutory provision merrill lynch claim congress use new brought enforce language shows intent depart settled even linguistically ungrounded test statutory arising jurisdiction test existed recently noted caselaw construing many decades including exchange act passed highly unruly gunn slip referring canvas old opinions look ing like one jackson pollock got first muddled backdrop impossible infer congress enacting wished depart understand arising standard reached conclusion two unrelated decisions addressed brought enforce language issue see pan american matsushita elec industrial epstein time viewed phrase coextensive construction arising pan american involved natural gas act nga exclusive jurisdiction provision containing language materially indistinguishable case began state natural gas purchaser sued producer breach contract setting sale prices prior alleged breach producer filed contractual rates federal power commission nga required relying submission complaint mention producer claimed buyer suit brought enforce liability deriving nga filed rate must proceed federal see rejected argument decision explained use term brought enforce rather arising made difference jurisdictional analysis inquiry wrote affected want language contained federal question statute limitation associated arising jurisdiction continued clearly implied alternative phrasing ibid short linguistic distinction two jurisdictional provisions extend meaning pan american thus went analyze jurisdictional issue manner set arising precedents federal question jurisdiction lies wrote appears face complaint determination suit depends upon question federal law inquiry focuses particular claims suitor makes complaint meaning whether plaintiff seeks relief state federal law addition suggested federal adjudicate suit stating claim included element essential one violation federal right quoting gully first nat bank meridian principles arising jurisdiction laid held enable federal resolve buyer case prevail merely proving breach contract see pan american establishes action brought enforce duty liability created federal statute nothing nothing less action arising law merrill lynch reads pan american narrowly holding confer federal jurisdiction complaint unlike manning fails reference federal law see brief petitioners argument ignores pan american express statement equivalence language federal question statute brought enforce limitation meaning scope arising important merrill lynch disregards pan american analytical structure decision proceeds reviewing arising precedents articulating principles animating caselaw applying tenets dispute hand thus showed well told brought enforce jurisdiction mirrors arising fallback merrill lynch claims pan american irrelevant relied legislative history distinct nga finding brought enforce language coterminous arising see brief petitioners premise argument true enough support holding quoted committee report describing conferring federal jurisdiction cases arising act accept conclusion merrill lynch draws statement courts give two identically worded statutory provisions passed less five years apart markedly different meanings indeed result merrill lynch approach still odder eight jurisdictional provisions containing brought enforce language see supra presumably merrill lynch courts inspect legislative histories decide whether read statutes reproducing arising standard adopting merrill lynch alternative view demanding yet another jurisdictional test hard pressed imagine less sensible way construing repeated iterations phrase brought enforce jurisdictional provisions federal code event matsushita addressed equated brought enforce arising standards decision arose action corporate directors breach fiduciary duty issue whether state handling suit approve settlement releasing addition state claims actually brought potential exchange act claims committed federal deciding state described twice three times conferring exclusive jurisdiction suits arising exchange act see section confers exclusive jurisdiction upon federal courts suits arising exchange act section prohibits state courts adjudicating claims arising exchange act section prohibit state courts exercising jurisdiction suits arising exchange act emphases added took given jurisdictional test mimicked one general federal question statute still matsushita thought clear suit filed closely resembled manning mix state federal law fell outside grant exclusive jurisdiction noted claims brought matsushita complaint sought relief breach duty support claims plaintiffs charged much manning defendants conduct also violated federal securities laws see supra found presence accusation insufficient trigger cause pleaded wrote remained state action notwithstanding potential federal issue suit enforce rights obligations exchange act thus rejected position merrill lynch takes precludes state adjudicating case even brought state law plaintiff asserts exchange act breach construing consistent text precedent cover suits arise exchange act serves goals consistently underscored interpreting jurisdictional statutes reading unlike merrill lynch gives due deference important role state courts federal system standard adopt straightforward administrable alternative merrill lynch offers respect state courts time declined construe federal jurisdictional statutes expansively language fairly read requires reiterated need give ue regard rightful independence state governments particularly power provide determination controversies courts romero quoting healy ratta shamrock oil gas sheets decisions put point reflect deeply felt traditional reluctance expand jurisdiction federal courts broad reading jurisdictional statutes romero interpretive stance serves among things keep actions like manning state thus help maintain constitutional balance state federal judiciaries concern state prerogatives disappear merrill lynch suggests face statute granting exclusive federal jurisdiction see brief petitioners contrary statute mandates rather permits federal jurisdiction thus depriving state courts ability adjudicate certain claims reluctance endorse broad reading romero anything grows stronger especially construction offered place federal actions bringing claims created state law even claims might raise federal issues sure grant exclusive federal jurisdiction merrill lynch reminds us indicates congress wanted greater uniformity construction effective expert application federal law usual brief petitioners quoting matsushita greater mean total critical question remains far grant extends resolving issue lightly read statute alter usual constitutional balance sending actions claims federal complaint references federal duty precedents construing exclusive grants federal jurisdiction illustrate principles pan american example denied state resolution claims potentially implicating nga meaning jeopardize uniform system regulation statute established reasoned ability review state decisions federal questions sufficiently protect federal interests similarly tafflin levitt permitted state courts adjudicate civil rico actions might raise issues scope federal crimes alleged predicate acts even though federal courts exclusive jurisdiction offenses laws expressed confidence state courts look federal interpretations relevant criminal statutes accordingly saw significant danger inconsistent application federal criminal law incompatibility federal interests tafflin internal quotation marks omitted state courts deciding claims address possible issues exchange act meaning even merrill lynch thinks decisions wholly avoidable admits nothing prevent state courts resolving exchange act questions result defenses counterclaims see brief petitioners pan american see little difference terms policies merrill lynch invokes issues instead appear complaint like manning indeed congress likely contemplated complaints intermingling state federal questions brought state congress specifically affirmed capacity courts hear securities actions predictably raise issues coinciding overlapping intersecting act see matsushita example hardly surprising suit like one alleging short sales violation state securities law plaintiff might say defendant previously breached federal prohibition similar conduct see supra describing manning complaint less troubling state consider issue lose ability adjudicate suit raising causes action reading line caselaw also promotes administrative simplicity major virtue jurisdictional statute hertz friend judges litigants familiar arising standard works part test provides ready answers jurisdictional questions existing body precedent gives guidance whenever borderline cases crop see supra contrast one experience merrill lynch alternative standard spring nothing govern suits involving exchange act nine discrete spheres federal law see supra listing statutes brought enforce language supra noting merrill lynch backup claim legislative histories might compel different tests different statutes adopting untested approach forcing courts toggle back forth arising standard undermine consistency predictability litigation result disserves courts parties alike making matters worse merrill lynch rule simple plaintiffs avoid else excruciating courts police rule plaintiff electing bring claims state purge complaint references federal securities law escape removal omissions nothing change way plaintiff present case trial merely make complaint less informative recognizing potential kind avoidance merrill lynch argues judge go behind face complaint determine whether product artful pleading see tr oral arg plaintiffs literally whited deleted references reg ulation sho still understand complaint allege breach rule fact plaintiffs cite change fact idea make judgment get cold comfort merrill lynch assurance question arise case next third fourth fifth case road jurisdictional tests built single dispute merrill lynch threatens become either useless drafting rule tortuous inquiry artful pleading one good reason reject iii section provides exclusive federal jurisdiction class cases arise exchange act purposes text naturally read supports rule adopted view two prior cases reading statute promotes twin goals important interpreting jurisdictional grants respecting state courts providing administrable standards holding requires remanding manning suit state third circuit found district jurisdiction manning suit claims sought relief state law none necessarily raised federal issue see supra merrill lynch challenge ruling therefore take given means decision today district also lacked jurisdiction accordingly affirm judgment ordered thomas concurring judgment merrill lynch pierce fenner smith et petitioners greg manning et al writ certiorari appeals third circuit may justice thomas justice sotomayor joins concurring judgment concludes respondents suit belongs state satisfy multifactor atextual standard used assess whether suit one arising federal law ante agree suit belongs state rest conclusion statute us securities exchange act statute use phrase arising provide sound basis adopting standard instead provides federal jurisdiction suit brought enforce exchange act requirements language establishes straightforward test complaint alleges claim necessarily depends breach requirement created act confers exclusive federal jurisdiction suit complaint allege claims statute confers federal jurisdiction suit return state accordingly concur judgment section provides district courts shall exclusive jurisdiction suits equity actions law brought enforce liability duty created chapter rules regulations thereunder explains natural reading confers federal jurisdiction action commenced order give effect exchange act requirement ante see also webster new international dictionary english language enforce means give force give effect providing exclusive jurisdiction federal district courts certain suits strips state courts jurisdiction suits put differently suit belongs federal complaint requires enforce exchange act duty liability contrast suit belongs state complaint assert purely causes action require binding legal determinations rights liabilities exchange act judgment merits exchange act breach matsushita elec industrial epstein suit enforce rights obligations act thus fall within scope provide federal jurisdiction suits brought enforce liabilities duties state law every case happens involve allegations act violated provision leaves state courts authority suits involving act regulations statutory context bolsters understanding context confirms congress reserved authority state courts adjudicate matters although act provides numerous federal rights remedies also generally preserves rights remedies may exist law equity claims litigated state courts general jurisdiction provision shows congress plainly contemplated possibility dual litigation state federal courts relating securities transactions matsushita supra natural reading text preserves dual role federal state courts congress contemplated confirms mere allegations exchange act breaches alone deprive state courts jurisdiction natural reading promotes uniform interpretation federal securities laws congress sought ensure gave federal courts exclusive jurisdiction federal suits textual approach fosters uniformity leaves federal courts presumptively familiar intricate federal securities laws task adjudicat ing exchange act claims matsushita state courts decide cases complaint pleads claims resolve merits exchange act rights liabilities trespass ing upon exclusive territory federal courts statutory text structure thus support straightforward test section confers federal jurisdiction case complaint alleges claims necessarily depend establishing breach exchange act requirement third circuit correct remand suit state respondents complaint seek enforce liability duty created exchange act regulations although respondents complaint alleges different places petitioners violated exchange act regulations complaint bring claims requiring enforcement exchange act regulations complaint instead brings causes action seek enforce duties liabilities created state law count alleges petitioners violated state law investing money derived racketeering see app pet cert amended complaint citing stat ann west counts allege standard contract tort claims unjust enrichment unlawful interference economic advantage tortious interference contractual relations unlawful interference contractual relations claims breach covenant good faith fair dealing negligence see app pet cert amended complaint count pleads freestanding claim punitive exemplary damages see amended complaint none claims requires enforce give effect requirement created act thus confer federal jurisdiction count presents closer call trigger federal jurisdiction count pleads petitioners violated state law makes unlawful person participate racketeering enterprise amended complaint citing stat ann alleged racketeering includes violating new jersey uniform securities law fraud deception misappropriation committing theft taking state law committing theft deception state law app pet cert amended complaint respondents allege sec expressly noted naked short selling involves omission material fact part securities fraud allegation amended complaint vindicating claim require enforcement federal duty liability new jersey law encompasses fraudulent conduct necessarily rest violation federal law regulation see west fraud deceit include ny misrepresentation word conduct manner material fact either present past omission disclose fact see app pet cert invoking et although count refers securities exchange commission view naked short selling count require respondents establish violation federal securities law prevail fraud claim respondents cause action count seeks enforce duties liabilities created state law necessarily depend breach exchange act duty liability provide federal jurisdiction claim ii although acknowledges natural reading ante holds adopts jurisdictional test uses evaluate jurisdiction see ante see also ante federal courts power review cases arising federal law including complaint brings claims necessarily raise stated federal issue actually disputed substantial federal forum may entertain without disturbing congressionally approved balance federal state judicial responsibilities grable sons metal products darue engineering wrongly equates phrase arising phrase brought enforce interprets latter require case raising claims mee standard case proceed federal ante see ante none rationales adopting rule persuasive first argues impossible infer congress enacting wished depart understand standard test depart ante case law construing explains many decades including exchange act passed highly unruly ibid internal quotation marks omitted congress enacts statute uses different language prior statute normally presume congress convey different meaning see crawford burke explaining change phraseology creates presumption change intent congress used different language two statutes without thereby intending change meaning given know presumption force case law notes highly unruly exchange act enacted given importance clarity jurisdictional statutes see hertz friend quite stretch infer congress wished embrace unpredictable test especially true given use words supporting convoluted standard section ask example whether federal issue substantial whether ruling issue upset congressionally approved balance federal state power indeed even use words supporting standard see ante acknowledging standard turn text rather refused give full effect broa phras ing instead continuously construed limited provision based extratextual considerations history demands reason coherence sound judicial policy romero international terminal operating faced plain focused text like however rely considerations importing factors jurisprudence substantiality requirement balance requirement risks narrowing class cases congress meant cover plain text reasons unwise read decision adopt standard next relies two prior decisions pan american petroleum superior del new castle matsushita see ante neither case justifies decision apply standard pan american held delaware state courts jurisdiction contract claims arose contracts sale natural gas reached decision even though provision natural gas act provided exclusive federal jurisdiction suits enforce liability duty created act quoting statute pan american lends support view today applied precedents explained natural gas act use term enforce rather made difference jurisdictional analysis ante see pan american supra see also ante pan american require engraft standard onto pan american carefully analyze natural gas act text assess contemporary meaning central phrase brought enforce instead relied legislative history reasoning authoritative congressional committee reports implied limitation natural gas act jurisdictional text reasoning warrant respect especially true pan american holding consistent natural gas act brought enforce language complaint case asser right natural gas act instead asked adjudicate standard contract claims disposition pan american rests comfortably statutory text standard matsushita provides even less support holding today case held delaware courts issue judgment approving settlement releasing claims even though settlement released claims virtue solely within jurisdiction federal courts see explained hile prohibits state courts adjudicating claims arising exchange act prohibit state courts approving release exchange act claims settlement suits properly exercised jurisdiction suits arising state law federal law concurrent jurisdiction complaint case assert ed purely causes action state courts issue judgment merits exclusively federal claims deprive state courts jurisdiction relies matsushita case three times described conferring exclusive jurisdiction suits exchange act ante citing matsushita decide whether adopts standard passing use phrase arising bear weight places sure matsushita support judgment today matsushita emphasized state courts adjudicate suit involving issues complaint assert ed purely causes action require state courts issue binding legal determinations rights liabilities exchange act judgment merits exchange act breach statements consistent text standard see supra invoking matsushita finally argues interpretation serves goals precedents consistently underscored interpreting jurisdictional statutes affording proper deference state courts promoting administrable jurisdictional rules ante see ante hewing text serves goals well better adopting standard first view preserves state courts authority adjudicate numerous claims provide relief consistent exchange act design see supra explained view places respondents causes action state see supra view thus decline construe federal jurisdictional statut expansively language fairly read requires ante second textual test also administrable standard standard anything clear grable thomas concurring standard involves numerous judgments matters degree readily susceptible bright lines noted satisfy standard claim must raise federal issue among things actually disputed substantial distur congressionally approved balance opinion standard calls accommodation judgment kaleidoscopic situations present federal issue selective process picks substantial causes web lays ones aside quoting gully first nat bank meridian standard may many things one consistently provides ready answers hard jurisdictional questions ante view promises better adopt view apply reasons concur judgment footnotes compare case barbara new york stock exchange construing narrowly sparta surgical national assn securities dealers construing broadly hawkins national assn securities dealers per curiam section also grants federal courts exclusive jurisdiction violations exchange act rules regulations thereunder manning argues violations language applies criminal proceedings sec enforcement actions see brief respondents merrill lynch although conceding much believes violations clause irrelevant private suits damages goes brought enforce language quoted text see reply brief given parties thus taken violations language table address meaning see securities act federal power act connally hot oil act natural gas act trust indenture act investment company act investment advisers act international wheat agreement act interstate land sales full disclosure act concurrence adopts slightly different approach placing federal exchange act claims plus claims necessarily raising exchange act issue see post thomas concurring judgment words concurrence ask arising test whether federal issue embedded claim also substantial actually disputed capable resolution federal without disrupting congressionally approved balance see post grable sons metal products darue engineering construed jurisdictional statute whether using words brought enforce arising matter draw concurrence line long contemplated exercising federal jurisdiction claims necessarily raising federal issues inquired well whether issues really substantially disputed see kins walker shulthis mcdougal similarly long emphasized need circumstances make sensitive judgments congressional intent judicial power federal system merrell dow pharmaceuticals thompson late juncture see virtue trying pull apart interconnected strands necessity indeed thus creating gap brought enforce arising standards conflict precedent undermine important goals interpreting jurisdictional statutes see infra discussing prior decisions equating two tests highlighting need respect state courts benefits using single standard section grants federal courts exclusive jurisdiction suits equity actions law brought enforce liability duty created nga rule regulation order thereunder stat romero continued reluctance must even forcefully felt expansion proposed first time years jurisdiction conferred exchange act passed mere years ago believe point still stands footnotes explains parties pressed us construe language conferring jurisdiction violations exchange act rules regulations see ante like focus brought enforce language