I 115th CONGRESS 1st Session H. R. 4546 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 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.