To amend the Securities Exchange Act of 1934 to transfer authorities and duties of registered national securities associations to the Securities and Exchange Commission.

HR 2689 transfers all regulatory responsibilities previously held by registered national securities associations (like self-regulatory organizations) to the Securities and Exchange Commission (SEC). This means the SEC will now handle all duties related to these associations under securities law, including oversight and enforcement. The bill also changes all legal references to "national securities associations" to instead refer to the SEC. The transfer takes effect two years after the bill becomes law.