in effect until modified, terminated, superseded, or 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 dis-
continuance 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 en-
acted. 
(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 en-
acted. 
(d) NONABATEMENT.—No suit, action, or other pro-
ceeding commenced by or against any officer in the official 
capacity of such individual as an officer of the Securities 
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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 there-
of 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 Ex-
change 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, agen-
cy, 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 offi-
cial 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 exer-
cise of functions transferred under this Act shall be sub-
ject 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 re-
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quirements 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 Securi-
ties 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 ‘‘Chair-
person, Securities and Derivatives Commis-
sion.’’; 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 ‘‘Mem-
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bers, Securities and Derivatives Commission’’; 
and 
(B) by striking ‘‘Members, Commodity Fu-
tures 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 estab-
lished a Securities and Exchange Commission 
(hereinafter referred to as the ‘Commission’) to 
be composed of five commissioners to be ap-
pointed 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 appoint-
ments 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 
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of office, and except (1) any commissioner ap-
pointed to fill a vacancy occurring prior to the 
expiration of the term for which his predecessor 
was appointed shall be appointed for the re-
mainder of such term, and (2) the terms of of-
fice of the commissioners first taking office 
after the enactment of this title shall expire as 
designated by the President at the time of nom-
ination, 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 Pro-
tection 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 
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(C) by redesignating subparagraphs (H), 
(I), and (J) as subparagraphs (G), (H), and 
(I), respectively. 
TITLE VI—EFFECTIVE DATE 
SEC. 601. EFFECTIVE DATE. 
The provisions of this Act shall take effect 1 year 
after the date of enactment of this Act, except that the 
President may nominate and the Senate confirm Commis-
sioners prior to such date. 
Æ 
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