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.

This bill proposes to amend the Securities Exchange Act of 1934, specifically by transferring the authorities and responsibilities currently held by registered national securities associations to the Securities and Exchange Commission (SEC).

Key Provisions

• Transfer of Authorities and Duties: The bill states that all powers and functions assigned to national securities associations under existing securities laws will be shifted to the SEC. This means that the SEC would take over regulatory and oversight roles that these associations currently manage.
• Deeming References: Any legal references to a national securities association will now be understood as references to the SEC. This is designed to ensure consistency in the application of laws and regulations after the transfer.
• Rulemaking Requirement: The SEC is required to create rules to implement this transfer of responsibilities. This rulemaking process must be completed before the provisions of the bill become effective.
• Effective Date: The changes set forth in this bill will take effect two years after it is enacted.

Impact on the Regulation of Securities

The intent behind this bill is to consolidate regulatory oversight within a single agency, the SEC. This might streamline processes, reduce overlap, and potentially create a more uniform regulatory framework for securities associations. The SEC would become the single authoritative body for the functions performed by national securities associations, which play significant roles in the regulation of securities markets.

Goals of the Legislation

• To improve the efficiency of securities regulation.
• To enhance oversight by providing a centralized authority.
• To clarify the regulatory framework concerning national securities associations and the SEC.

Relevant Companies

None found.