[Congressional Bills 115th Congress]
[From the U.S. Government Publishing Office]
[H.R. 4546 Introduced in House (IH)]

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115th CONGRESS
  1st Session
                                H. R. 4546

To amend the Securities Act of 1933 to specify when a nationally traded 
    security is exempt from State regulation of security offerings.


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                    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

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                                 A BILL


 
To amend the Securities Act of 1933 to specify when a nationally traded 
    security is exempt from State regulation of security offerings.

    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''.

SEC. 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.
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