; and (2) which are in effect at the time this Act takes effect, shall continue in effect according to their terms until modified, terminated, superseded, set aside, or revoked in accordance with the law by the President, the Commission, or other authorized official, a court of competent jurisdiction, or by operation of law. (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Act had not been enacted and orders issued in any such proceedings shall continue in effect until modified, terminated, superseded, or revoked by the Commission, by a court of competent jurisdiction, or by operation of law.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