,,ib  ,union ,cal5d> ,no4 #ecj  #aad?   
,,congress  #b;d ,session  ,h4 ,r4 #edba
  ,report ,no4 #aad-fhd  ,,9 ,,! ,,h\se 
,,( ,,repres5tatives  ,june #i1 #bjaf   
,mr4 ,royce introduc$ ! foll[+ bill2 :i*
 0 ref]r$ to ! ,committee on ,f9ancial  
,s]vices  ,july #ab1 #bjaf ,additional  
sponsor3 ,mr4 ,hultgr5  ,july #ab1 #bjaf
 ,committ$ to ! ,committee ( ! ,:ole    
,h\se on ! ,/ate ( ! ,union & ord]$ to  
be pr9t$  ,a ,,bill  ,to am5d !         
,securities ,act ( #aicc to apply !     
exemption f ,/ate regulation (          
securities (f]+s to securities li/$ on a
 national security ex*ange t has li/+   
/&>ds t h be5 approv$ by ! ,commission4 
#a4 ,%ort title ,?is ,act may be cit$ z 
! ,national ,securities ,ex*ange        
,regulatory ,p>ity ,act ( #bjaf4  #b4   
,application ( exemption ,section       
#ah7;b7 ( ! ,securities ,act ( #aicc    
7#ae ,u4,s4,c4 #ggr7b77 is am5d$--  7#a7
 by /rik+ subp>agraph 7,a72  7#b7 9     
subp>agraph 7,b71 by /rik+ t !          
,commission det]m9es by rule 7on its own

 initiative or on ! basis ( a petition7 
are sub/antially simil> to ! li/+ /&>ds 
applicable to securities describ$ 9     
subp>agraph 7,a7 & ins]t+ t has be5     
approv$ by ! ,commission2  7#c7 9       
subp>agraph 7,c71 by /rik+ or 7,b72 &   
7#d7 by r$esignat+ subp>agraphs 7,b7 &  
7,c7 z subp>agraphs 7,a7 & 7,b71        
respectively4  ,july #ab1 #bjaf         
,committ$ to ! ,committee ( ! ,:ole     
,h\se on ! ,/ate ( ! ,union & ord]$ to  
be pr9t$