,,iib  #aadth ,,congress  #b;d ,session 
,h4 ,r4 #edba  ,,in ,,the ,,senate ,,of 
,,the ,,united ,,states  ,july #ac1     
#bjaf,received2 read twice and referred 
to the ,committee on ,banking1 ,housing1
 and ,urban ,affairs  ,,an ,,act  ,to   
amend the ,securities ,act of #aicc 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          
,commission4  #a4 ,short title ,this    
,act may be cited as the ,national      
,securities ,exchange ,regulatory       
,parity ,act of #bjaf4  #b4 ,application
 of exemption  7a7 ,amendments ,section 
#ah7;b77#a7 of the ,securities ,act of  
#aicc 7#ae ,u4,s4,c4 #ggr7b77#a77 is    
amended--  7#a7 by striking subparagraph
 7,a72  7#b7 in subparagraph 7,b71 by   
striking that the ,commission determines
 by rule 7on its own initiative or on   
the basis of a petition7 are            
substantially similar to the listing    

standards applicable to securities      
described in subparagraph 7,a7 and      
inserting that have been approved by the
 ,commission1 consistent with section   
#b7;c7 of the ,national ,securities     
,exchange ,regulatory ,parity ,act of   
#bjaf2  7#c7 in subparagraph 7,c71 by   
striking or 7,b72 and  7#d7 by          
redesignating subparagraphs 7,b7 and    
7,c7 as subparagraphs 7,a7 and 7,b71    
respectively4  7b7 ,effective date ,the 
amendments made by subsection 7a7 shall 
take effect-- 7#a7 on the date of       
enactment of this ,act1 with respect to 
a national securities exchange          
registered with1 and whose listing      
standards have been approved by1 the    
,securities and ,exchange ,commission on
 or before the date of enactment of this
 ,act2 and  7#b7 on the date the        
,securities and ,exchange ,commission   
issues the final rule required by       
subsection 7c71 with respect to a       
national securities exchange not        
described under paragraph 7#a74  7c7    

,replacement standards ,not later than  
#cfj days after the date of enactment of
 this ,act1 the ,securities and         
,exchange ,commission shall1 by rule    
subject to public notice and comment1   
establish minimum core quantitative     
listing standards pursuant to section #f
 of the ,securities ,exchange ,act of   
#aicd4  ,passed the ,house of           
,representatives ,july #ab1 #bjaf4,karen
 ,l4 ,haas1,clerk