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H.R. 4546 (115th): National Securities Exchange Regulatory Parity Act


The text of the bill below is as of Jan 25, 2018 (Reported by House Committee). The bill was not enacted into law.


IB

Union Calendar No. 390

115th CONGRESS

2d Session

H. R. 4546

[Report No. 115–525]

IN THE HOUSE OF REPRESENTATIVES

December 5, 2017

(for himself and Mr. Hultgren) introduced the following bill; which was referred to the Committee on Financial Services

January 25, 2018

Additional sponsors: Mr. Gottheimer and Mr. Messer

January 25, 2018

Committed to the Committee of the Whole House on the State of the Union and ordered to be printed


A BILL

To amend the Securities Act of 1933 to specify when a nationally traded security is exempt from State regulation of security offerings.


1.

Short title

This Act may be cited as the National Securities Exchange Regulatory Parity Act.

2.

Nationally traded securities exemption

Section 18(b)(1) of the Securities Act of 1933 (15 U.S.C. 77r(b)(1)) is amended—

(1)

by striking subparagraph (A);

(2)

in subparagraph (B)—

(A)

by inserting a security designated as qualified for trading in the national market system pursuant to section 11A(a)(2) of the Securities Exchange Act of 1934 that is before listed; and

(B)

by striking that has listing standards that the Commission determines by rule (on its own initiative or on the basis of a petition) are substantially similar to the listing standards applicable to securities described in subparagraph (A);

(3)

in subparagraph (C), by striking or (B); and

(4)

by redesignating subparagraphs (B) and (C) as subparagraphs (A) and (B), respectively.

January 25, 2018

Committed to the Committee of the Whole House on the State of the Union and ordered to be printed