H.R. 2689 would transfer all regulatory authorities and duties currently held by registered national securities associations to the Securities and Exchange Commission (SEC). This means the SEC would take over the functions that organizations like FINRA (Financial Industry Regulatory Authority) now perform, including overseeing broker-dealers and enforcing securities rules. The bill would also update all references to national securities associations in federal law and regulations to instead refer to the SEC. The SEC would have two years from the bill's enactment to develop rules for carrying out this transfer, with the changes taking effect two years after the law passes. This represents a significant consolidation of securities regulation authority, shifting self-regulatory organization responsibilities directly to the federal government.