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Title V — Transitional, savings, and conforming provisions

H.R. 3012 · 113th Congress · Aug 2, 2013 · Lineage

V Transitional, savings, and conforming provisions

Sec. 501 Savings provisions

(a)
Continuity of legal instruments— All orders, determinations, rules, regulations, permits, grants, contracts, certificates, licenses, and privileges—
(1)
which have been issued, made, granted, or allowed to become effective by the President, the Securities and Exchange Commission, or the Commodity Futures Trading Commission, or any component thereof, or by a court of competent jurisdiction, in the performance of functions which are transferred under this Act to the Commission, and
(2)
which are in effect at the time this Act takes effect,
(b)
Continuity of proceedings—
(1)
In general— The provisions of this Act shall not affect any proceedings, including notices of proposed rulemaking, or any application for any license, permit, certificate, or financial assistance pending on the effective date of this Act before either the Securities and Exchange Commission or the Commodity Futures Trading Commission, or any component thereof, functions of which are transferred by this Act. Such proceedings and applications, to the extent that they relate to functions so transferred, shall be continued. Orders shall be issued in such proceedings, appeals shall be taken therefrom, and payments shall be made pursuant to such orders, as if this Act had not been enacted and orders issued in any such proceedings shall continue in effect until modified, terminated, superseded, or revoked by the Commission, by a court of competent jurisdiction, or by operation of law. Nothing in this subsection shall be construed to prohibit the discontinuance or modification of any such proceeding under the same terms and conditions and to the same extent that such proceeding could have been discontinued or modified if this Act had not been enacted.
(2)
Regulations concerning transfers— The Commission may prescribe regulations providing for the orderly transfer of proceedings continued under paragraph (1) to the Commission.
(c)
Pending litigation— Except as provided in subsection (e)—
(1)
the provisions of this Act shall not affect suits commenced prior to the effective date of this Act; and
(2)
in all such suits, proceedings shall be had, appeals taken, and judgments rendered in the same manner and effect as if this Act had not been enacted.
(d)
Nonabatement— No suit, action, or other proceeding commenced by or against any officer in the official capacity of such individual as an officer of the Securities and Exchange Commission or the Commodity Futures Trading Commission, or any component thereof, functions of which are transferred by this Act, shall abate by reason of the enactment of this Act. No cause of action by or against any department or agency, functions of which are transferred by this Act, or by or against any officer thereof in the official capacity of such officer shall abate by reason of the enactment of this Act.
(e)
Substitution of parties— If, before the date on which this Act takes effect, the Securities and Exchange Commission or the Commodity Futures Trading Commission, or any component thereof, or officer thereof in the official capacity of such officer, is a party to a suit, and under this Act any function of such department, agency, or officer is transferred to the Commission or any other official of the Commission, then such suit shall be continued with the Commission or other appropriate official of the Commission substituted or added as a party.
(f)
Judicial review as required by existing law— Orders and actions of the Commission in the exercise of functions transferred under this Act shall be subject to judicial review to the same extent and in the same manner as if such orders and actions had been by the agency or office, or part thereof, exercising such functions immediately preceding their transfer. Any statutory requirements relating to notice, hearings, action upon the record, or administrative review that apply to any function transferred by this Act shall apply to the exercise of such function by the Commission.

Sec. 502 Reference

Any reference in any other Federal law to the Securities and Exchange Commission or the Commodity Futures Trading Commission shall be deemed a reference to the Securities and Derivatives Commission established by this Act.

Sec. 503 Amendments

(a)
Executive schedule salaries—
(1)
Chairperson— Section 5314 of title 5, United States Code, is amended—
(A)
by striking “Chairman, Securities and Exchange Commission.” and inserting “Chairperson, Securities and Derivatives Commission.”; and
(B)
by striking “Chairman, Commodity Futures Trading Commission.”.
(2)
Members— Section 5315 of title 5, United States Code, is amended—
(A)
by striking “Members, Securities and Exchange Commission” and inserting “Members, Securities and Derivatives Commission”; and
(B)
by striking “Members, Commodity Futures Trading Commission.”.
(b)
Conforming amendments—
(1)
Securities exchange act— Sections 4(a) of the Securities Exchange Act of 1934 (15 U.S.C. 78d(a)) is amended—
(A)
by striking “There is hereby established a Securities and Exchange Commission (hereinafter referred to as the Commission) to be composed of five commissioners to be appointed by the President by and with the advice and consent of the Senate. Not more than three of such commissioners shall be members of the same political party, and in making appointments members of different political parties shall be appointed alternately as nearly as may be practicable.”; and
(B)
by striking “Each commissioner shall hold office for a term of five years and until his successor is appointed and has qualified, except that he shall not so continue to serve beyond the expiration of the next session of Congress subsequent to the expiration of said fixed term of office, and except (1) any commissioner appointed to fill a vacancy occurring prior to the expiration of the term for which his predecessor was appointed shall be appointed for the remainder of such term, and (2) the terms of office of the commissioners first taking office after the enactment of this title shall expire as designated by the President at the time of nomination, one at the end of one year, one at the end of two years, one at the end of three years, one at the end of four years, and one at the end of five years, after the date of the enactment of this title.”.
(2)
Commodity exchange act— Section 2(a) of the Commodity Exchange Act (7 U.S.C. 2a) is amended by striking paragraphs (2), (3), and (4).
(3)
Dodd-Frank— Section 111(b)(1) of the Dodd-Frank Wall Street Reform and Consumer Protection Act (12 U.S.C. 5321(b)(1)) is amended—
(A)
by amending subparagraph (E) to read as follows:

“(E) the Chairperson of the Securities and Derivatives Commission;”

(B)
by striking subparagraph (G); and
(C)
by redesignating subparagraphs (H), (I), and (J) as subparagraphs (G), (H), and (I), respectively.