[Congressional Bills 110th Congress]
[From the U.S. Government Publishing Office]
[H.R. 2868 Introduced in House (IH)]







110th CONGRESS
  1st Session
                                H. R. 2868

To eliminate the exemption from State regulation for certain securities 
              designated by national securities exchanges.


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                    IN THE HOUSE OF REPRESENTATIVES

                             June 26, 2007

 Mr. Meeks of New York (for himself, Mr. Fossella, Mr. Towns, Mr. King 
 of New York, Mr. Davis of Illinois, Mr. Clay, and Mrs. Maloney of New 
    York) introduced the following bill; which was referred to the 
                    Committee on Financial Services

_______________________________________________________________________

                                 A BILL


 
To eliminate the exemption from State regulation for certain securities 
              designated by national securities exchanges.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SCOPE OF EXEMPTION FROM STATE SECURITIES REGULATION.

    Section 18(b)(1) of the Securities Act of 1933 (15 U.S.C. 
77r(b)(1)) is amended--
            (1) in subparagraph (A)--
                    (A) by striking ``or the American Stock Exchange, 
                or listed, or authorized for listing, on the National 
                Market System of the Nasdaq Stock Market (or any 
                successor to such entities)'' and inserting ``, the 
                American Stock Exchange or the Nasdaq Stock Market (or 
                any successor to such entities)''; and
                    (B) by inserting before the semicolon the 
                following: ``, except that a security listed, or 
                authorized for listing, on the New York Stock Exchange, 
                the American Stock Exchange or the Nasdaq Stock Market 
                (or any successor to such entities) shall not be a 
                covered security if the exchange adopts listing 
                standards pursuant to section 19(b) of the Securities 
                Exchange Act of 1934 (15 U.S.C. 78s(b)) that designates 
                a tier or segment of such securities as securities that 
                are not covered securities for purposes of this section 
                and such security is listed, or authorized for listing, 
                on such tier or segment''; and
            (2) in subparagraph (B), by inserting ``covered'' after 
        ``applicable to''.
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