; (2) such issuer received a self-certification from such broker or dealer certifying that such broker or dealer is a registered private placement broker under section 15(p) or a finder under section 15(q); and (3) the issuer either did not know that such self-certification was false or did not have a reasonable basis to believe that such self-certification was false. . (c) Removal of private placement brokers from definitions of broker (1) Records and reports on monetary instruments transactions Section 5312 of title 31, United States Code, is amended in subsection (a)(2)(G) by inserting with the exception of a private placement broker as defined in section 15(p)(4) of the Securities Exchange Act of 1934 ( 15 U.S.C. 78o(p)(4) ) before the semicolon at the end. (2) Securities Exchange Act of 1934 Section 3(a)(4) of the Securities Exchange Act of 1934 ( 15 U.S.C. 78c(a)(4) ) is amended by adding at the end the following: (G) Private placement brokers A private placement broker as defined in section 15(p)(4) is not a broker for the purposes of this Act. . 3. Limitations on State law Section 15(i) of the Securities Exchange Act of 1934 ( 15 U.S.C. 78o(i) ) is amended— (1) by redesignating paragraph (3) as paragraph (4); and (2) by inserting after paragraph (2) the following: (3) Private placement brokers and finders (A) In general No State or political subdivision thereof may enforce any law, rule, regulation, or other administrative action that imposes greater registration, audit, financial recordkeeping, or reporting requirements on a private placement broker or finder than those that are required under subsections (p) and (q), respectively. (B) Definition of State For purposes of this paragraph, the term State includes the District of Columbia and each territory of the United States. .