[Congressional Bills 110th Congress]
[From the U.S. Government Publishing Office]
[H.R. 2868 Referred in Senate (RFS)]

  1st Session
                                H. R. 2868


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                   IN THE SENATE OF THE UNITED STATES

                            October 24, 2007

Received; read twice and referred to the Committee on Banking, Housing, 
                           and Urban Affairs

_______________________________________________________________________

                                 AN ACT


 
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''.

            Passed the House of Representatives October 23, 2007.

            Attest:

                                            LORRAINE C. MILLER,

                                                                 Clerk.