; and (2) by adding at the end the following: (B) Exclusion for persons holding certain securities For purposes of this subsection, securities held by persons who purchase such securities in transactions described under section 4(a)(6) of the Securities Act of 1933 shall not be deemed to be held of record . . 478. Preemption of State law (a) In general Section 18(b)(4)(C) of the Securities Act of 1933 ( 15 U.S.C. 77r(b)(4)(C) ) is amended by striking section 4(6) and inserting section 4(a)(6) . (b) Clarification of the preservation of State enforcement authority (1) In general The amendments made by subsection (a) relate solely to State registration, documentation, and offering requirements, as described under section 18(a) of Securities Act of 1933 ( 15 U.S.C. 77r(a) ), and shall have no impact or limitation on other State authority to take enforcement action with regard to an issuer, intermediary, or any other person or entity using the exemption from registration provided by section 4(a)(6) of such Act, except that a State may not impose any fees under such authority. (2) Clarification of State jurisdiction over unlawful conduct of intermediaries, issuers, and custodians Section 18(c)(1) of the Securities Act of 1933 is amended by striking in connection with securities or securities transactions and all that follows and inserting the following: , in connection with securities or securities transactions, with respect to— (A) fraud or deceit; (B) unlawful conduct by a broker or dealer