H.R. 4546 — Reported in House

IB Union Calendar No. 390 115th CONGRESS 2d Session H. R. 4546 [Report No. 115–525] 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 January 25, 2018Additional sponsors: Mr. Gottheimer and Mr. Messer January 25, 2018 Committed to the Committee of the Whole House on the State of the Union and ordered to be printed A BILL To amend the Securities Act of 1933 to specify when a nationally traded security is exempt from State regulation of security offerings. 1. Short title This Act may be cited as the National Securities Exchange Regulatory Parity Act. 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. January 25, 2018 Committed to the Committee of the Whole House on the State of the Union and ordered to be printed