Correct on the "No confiscation (for now)" part.
This bans transfer, or sale as of the Nov. date. All existing, owned "regulated guns", & magazines are grandfathered to the owner as of the enactment date. (for now).
Allan Quatermain: “Automatic rifles. Who in God's name has automatic rifles”?
Elderly Hunter: “That's dashed unsporting. Probably Belgium.”