This bill proposes a significant restructuring of regulatory oversight within the securities market by transferring all authorities and duties of national securities associations to the Securities and Exchange Commission (SEC) . It amends the Securities Exchange Act of 1934 to establish that, on the effective date, the SEC will assume all responsibilities previously held by these self-regulatory organizations under securities laws. Furthermore, the legislation mandates that any existing legal or regulatory reference to a national securities association will automatically be reinterpreted as a reference to the Commission. The SEC is also required to promulgate necessary rules to facilitate this transfer prior to its implementation. The full transfer of these functions is scheduled to take effect two years after the bill's enactment.