Bill > HR2689

This bill proposes to transfer all authorities and duties currently held by registered national securities associations (organizations that regulate securities firms and their professional representatives) to the Securities and Exchange Commission (SEC) after a two-year transition period. Specifically, the bill amends the Securities Exchange Act of 1934 by adding a new section that mandates the complete transfer of regulatory powers from these national securities associations to the SEC. Once implemented, any existing legal references to national securities associations will be automatically interpreted as references to the SEC. The SEC is required to develop and issue rules implementing this transfer before the two-year effective date, ensuring a structured and prepared transition of regulatory responsibilities. This change aims to centralize securities regulation by consolidating the oversight and regulatory functions previously distributed across multiple national securities associations into a single federal agency, the SEC.

Business and Industry

https://www.congress.gov/bill/119th-congress/house-bill/2689/all-info