[Congressional Bills 114th Congress]
[From the U.S. Government Publishing Office]
[H.R. 5421 Referred in Senate (RFS)]

<DOC>
114th CONGRESS
  2d Session
                                H. R. 5421


_______________________________________________________________________


                   IN THE SENATE OF THE UNITED STATES

                             July 13, 2016

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

_______________________________________________________________________

                                 AN ACT


 
 To amend the Securities Act of 1933 to apply the exemption from State 
 regulation of securities offerings to securities listed on a national 
security exchange that has listing standards that have been approved by 
                            the Commission.

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

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``National Securities Exchange 
Regulatory Parity Act of 2016''.

SEC. 2. APPLICATION OF EXEMPTION.

    (a) Amendments.--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), by striking ``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)'' and 
        inserting ``that have been approved by the Commission, 
        consistent with section 2(c) of the National Securities 
        Exchange Regulatory Parity Act of 2016'';
            (3) in subparagraph (C), by striking ``or (B)''; and
            (4) by redesignating subparagraphs (B) and (C) as 
        subparagraphs (A) and (B), respectively.
    (b) Effective Date.--The amendments made by subsection (a) shall 
take effect--
            (1) on the date of enactment of this Act, with respect to a 
        national securities exchange registered with, and whose listing 
        standards have been approved by, the Securities and Exchange 
        Commission on or before the date of enactment of this Act; and
            (2) on the date the Securities and Exchange Commission 
        issues the final rule required by subsection (c), with respect 
        to a national securities exchange not described under paragraph 
        (1).
    (c) Replacement Standards.--Not later than 360 days after the date 
of enactment of this Act, the Securities and Exchange Commission shall, 
by rule subject to public notice and comment, establish minimum core 
quantitative listing standards pursuant to section 6 of the Securities 
Exchange Act of 1934.

            Passed the House of Representatives July 12, 2016.

            Attest:

                                                 KAREN L. HAAS,

                                                                 Clerk.