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

House Votes

This bill would move all the powers and duties that now belong to national securities associations over to the Securities and Exchange Commission (SEC). After the change, any law or document that mentions a national securities association would be treated as if it names the SEC instead. The SEC must write the needed rules before the change takes effect, which is set for two years after the bill becomes law.

Key points

• Who is affected: people and firms in the securities industry, and investors who rely on fair markets.
• What changes: the SEC becomes the direct regulator by taking over all authorities and duties that had been assigned to national securities associations; all references to those associations will point to the SEC.
• When: the shift takes effect two years after enactment; the SEC must issue rules before that date.