,i  #aai? ,,congress  #a/ ,session  ,h4 
,r4 #bfhi  ,,9 ,,! ,,h\se ,,(           
,,repres5tatives  ,april #g1 #bjbe,mrs4 
,mc,clain introduc$ ! foll[+ bill2 :i* 0
 ref]r$ to ! ,committee on ,f9ancial    
,s]vices  ,a ,,bill  ,to am5d !         
,securities ,ex*ange ,act ( #aicd to    
transf] au?orities & duties ( regi/]$   
national securities associations to !   
,securities & ,ex*ange ,commission4  #a4
 ,transf] ( au?orities & duties (       
regi/]$ national securities associations
 to ! ,commission  7a7 ,9 g5]al ,!      
,securities ,ex*ange ,act ( #aicd 7#ae  
,u4,s4,c4 #gh;a et seq47 is am5d$ by    
ins]t+ aft] section #ae;,g ! foll[+3    
#ae;,h4 ,transf] ( au?orities & duties (
 regi/]$ national securities            
associations to ! ,commission  7a7 ,9   
g5]al ,all au?orities & duties provid$  
to a national securities association    
7includ+ a regi/]$ national securities  
association7 "u ! securities laws %all1 
on ! effective date ( ?is section1 be   
transf]r$ to ! ,commission4  7b7 ,deem+ 

,any ref]5ce 9 a law1 regulation1       
docum5t1 pap]1 or o!r record ( ! ,unit$ 
,/ates to a national securities         
association 7includ+ a regi/]$ national 
securities association7 %all be deem$ a 
ref]5ce to ! ,commission4  4  7b7       
,rulemak+ ,not)/&+ subsection 7c71 !    
,securities & ,ex*ange ,commission %all 
issue rules to c>ry out section #ae;,h (
 ! ,securities ,ex*ange ,act ( #aicd1 z 
am5d$ by subsection 7a71 be=e !         
effective date describ$ 9 subsection    
7c74  7c7 ,effective date ,! am5dm5ts   
made by ?is section %all take effect on 
! date t is #b ye>s aft] ! date (       
enactm5t ( ?is ,act4