To amend the Securities Exchange Act of 1934 to transfer authorities and duties of registered national securities associations to the Securities and Exchange Commission.

[Congressional Bills 119th Congress]
[From the U.S. Government Publishing Office]
[H.R. 2689 Introduced in House (IH)]

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119th CONGRESS
  1st Session
                                H. R. 2689

 To amend the Securities Exchange Act of 1934 to transfer authorities
   and duties of registered national securities associations to the
                  Securities and Exchange Commission.

_______________________________________________________________________

                    IN THE HOUSE OF REPRESENTATIVES

                             April 7, 2025

 Mrs. McClain introduced the following bill; which was referred to the
                    Committee on Financial Services

_______________________________________________________________________

                                 A BILL

 To amend the Securities Exchange Act of 1934 to transfer authorities
   and duties of registered national securities associations to the
                  Securities and Exchange Commission.

    Be it enacted by the Senate and House of Representatives of the
United States of America in Congress assembled,

SECTION 1. TRANSFER OF AUTHORITIES AND DUTIES OF REGISTERED NATIONAL
              SECURITIES ASSOCIATIONS TO THE COMMISSION.

    (a) In General.--The Securities Exchange Act of 1934 (15 U.S.C. 78a
et seq.) is amended by inserting after section 15G the following:

``SEC. 15H. TRANSFER OF AUTHORITIES AND DUTIES OF REGISTERED NATIONAL
              SECURITIES ASSOCIATIONS TO THE COMMISSION.

    ``(a) In General.--All authorities and duties provided to a
national securities association (including a registered national
securities association) under the securities laws shall, on the
effective date of this section, be transferred to the Commission.
    ``(b) Deeming.--Any reference in a law, regulation, document,
paper, or other record of the United States to a national securities
association (including a registered national securities association)
shall be deemed a reference to the Commission.''.
    (b) Rulemaking.--Notwithstanding subsection (c), the Securities and
Exchange Commission shall issue rules to carry out section 15H of the
Securities Exchange Act of 1934, as amended by subsection (a), before
the effective date described in subsection (c).
    (c) Effective Date.--The amendments made by this section shall take
effect on the date that is 2 years after the date of enactment of this
Act.
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