,,ib  ,union ,cal5d> ,no4 #cij  #aae?   
,,congress  #b;d ,session  ,h4 ,r4 #dedf
  ,report ,no4 #aae-ebe  ,,9 ,,! ,,h\se 
,,( ,,repres5tatives  ,decemb] #e1 #bjag
 ,mr4 ,royce ( ,cali=nia 7= himself &   
,mr4 ,hultgr57 introduc$ ! foll[+ bill2 
:i* 0 ref]r$ to ! ,committee on         
,f9ancial ,s]vices  ,janu>y #be1        
#bjah;,additional sponsors3 ,mr4        
,got!im] & ,mr4 ,mess]  ,janu>y #be1    
#bjah ,committ$ to ! ,committee ( !     
,:ole ,h\se on ! ,/ate ( ! ,union &     
ord]$ to be pr9t$  ,a ,,bill  ,to am5d !
 ,securities ,act ( #aicc to specify :5 
a nationally trad$ security is exempt f 
,/ate regulation ( security (f]+s4  #a4 
,%ort title ,?is ,act may be cit$ z !   
,national ,securities ,ex*ange          
,regulatory ,p>ity ,act4  #b4           
,nationally trad$ securities exemption  
,section #ah7;b77#a7 ( ! ,securities    
,act ( #aicc 7#ae ,u4,s4,c4 #ggr7b77#a77
 is am5d$--  7#a7 by /rik+ subp>agraph  
7,a72  7#b7 9 subp>agraph 7,b7--  7,a7  
by ins]t+ a security designat$ z        

qualifi$ = trad+ 9 ! national m>ket     
sy/em pursuant to section #aa;,a7a77#b7 
( ! ,securities ,ex*ange ,act ( #aicd t 
is be=e li/$2 &  7,b7 by /rik+ t has    
li/+ /&>ds t ! ,commission det]m9es by  
rule 7on its own initiative or on !     
basis ( a petition7 are sub/antially    
simil> to ! li/+ /&>ds applicable to    
securities describ$ 9 subp>agraph 7,a72 
7#c7 9 subp>agraph 7,c71 by /rik+ or    
7,b72 &  7#d7 by r$esignat+ subp>agraphs
 7,b7 & 7,c7 z subp>agraphs 7,a7 & 7,b71
 respectively4  ,janu>y #be1 #bjah      
,committ$ to ! ,committee ( ! ,:ole     
,h\se on ! ,/ate ( ! ,union & ord]$ to  
be pr9t$