[Congressional Record Volume 142, Number 141 (Thursday, October 3, 1996)]
[Senate]
[Page S12340]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




                NATIONAL MARKET IMPROVEMENT ACT OF 1996

  Mr. D'AMATO. Mr. President, I am very pleased that the Senate 
passed the conference report to H.R. 3005, the National Market 
Improvement Act of 1996, on Tuesday, November 1, 1996. This bill is a 
critical piece of legislation that will streamline securities 
regulation and provide important investor and consumer protections--
maintaining the preeminence of the U.S. capital markets.
  Section 102 of the bill will enable issuers whose securities are 
listed or authorized for listing on the New York Stock Exchange, the 
American Stock Exchange, the National Market System of the Nasdaq or a 
comparable exchange (or tier or segment thereof) to register those 
securities only with the Securities and Exchange Commission. Those 
issuers would not have to register their listed securities--or those 
securities that have been authorized for listing--with the 50 States.
  The conferees intended for this provision to accord equal treatment 
to each of the exchanges explicitly listed in the statute (the New York 
Stock Exchange, the American Stock Exchange, the National Market System 
of the Nasdaq) as well as any other exchange (or segment or tier 
thereof) with comparable listing standards.
  The conferees are concerned, however, that a strict reading of the 
statutory language may lead to the interpretation that the conferees 
intended the provision to accomplish something different than absolute 
parity of treatment among the eligible exchanges. Mr. President, this 
is unequivocally not the case.
  In the future, I will seek to correct the drafting error to avoid any 
ambiguity in the statute. Pending that legislative fix, I take this 
opportunity to make the record clear--the conferees intended for 
issuers whose securities are listed or authorized for listing on the 
National Market System of the Nasdaq to be exempt from State 
registration requirements under section 102 of H.R. 3005.

                          ____________________