H. R. 4546
IN THE HOUSE OF REPRESENTATIVES
December 5, 2017
Mr. Royce of California (for himself and Mr. Hultgren) introduced the following bill; which was referred to the Committee on Financial Services
To amend the Securities Act of 1933 to specify when a nationally traded security is exempt from State regulation of security offerings.
This Act may be cited as the
National Securities Exchange Regulatory Parity Act.
Nationally traded securities exemption
Section 18(b)(1) of the Securities Act of 1933 (15 U.S.C. 77r(b)(1)) is amended—
by striking subparagraph (A);
in subparagraph (B)—
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
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);
in subparagraph (C), by striking
or (B); and
by redesignating subparagraphs (B) and (C) as subparagraphs (A) and (B), respectively.