A bill to amend section 15 of the Securities Exchange Act of 1934 with respect to activities of brokers and dealers who are not members of registered securities associations.

Amends the Securities Exchange Act of 1934 to make it unlawful for any broker or dealer required to register pursuant to such Act to effect any transaction in, or induce or attempt to induce the purchase or sale of, any security (other than an exempted security or commercial paper, bankers' acceptances or commercial bills), unless such person is a member of a registered securities association or makes transactions in securities solely on a national securities exchange of which it is a member.

Authorizes the Securities Exchange Commission to exempt brokers or dealers from this Act, if consistent with the public interest and the protection of investors.