119 HR 2689 IH: To amend the Securities Exchange Act of 1934 to transfer authorities and duties of registered national securities associations to the Securities and Exchange Commission. U.S. House of Representatives 2025-04-07 text/xml EN Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain.

I119th CONGRESS1st SessionH. R. 2689IN THE HOUSE OF REPRESENTATIVESApril 7, 2025Mrs. McClain introduced the following bill; which was referred to the Committee on Financial ServicesA BILLTo amend the Securities Exchange Act of 1934 to transfer authorities and duties of registered national securities associations to the Securities and Exchange Commission.

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:

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.