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

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The text of the bill below is as of Dec 5, 2017 (Introduced).

I

115th CONGRESS

1st Session

H. R. 4546

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

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.