I
118THCONGRESS
1
STSESSION H. R. 2506
To amend the Securities Act of 1933 to exempt off-exchange secondary
trading from State regulation where such trading is with respect to
securities of an issuer that makes publicly available certain current
information, and for other purposes.
IN THE HOUSE OF REPRESENTATIVES
APRIL6, 2023
Mr. M
EUSERintroduced the following bill; which was referred to the
Committee on Financial Services
A BILL
To amend the Securities Act of 1933 to exempt off-exchange
secondary trading from State regulation where such trad-
ing is with respect to securities of an issuer that makes
publicly available certain current information, and for
other purposes.
Be it enacted by the Senate and House of Representa-1
tives of the United States of America in Congress assembled, 2
SECTION 1. SHORT TITLE. 3
This Act may be cited as the ‘‘Restoring the Sec-4
ondary Trading Market Act’’. 5
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•HR 2506 IH
SEC. 2. EXEMPTION FROM STATE REGULATION. 1
Section 18(a) of the Securities Act of 1933 (15 2
U.S.C. 77r(b)(4)) is amended— 3
(1) in paragraph (2), by striking ‘‘or’’ at the 4
end; 5
(2) in paragraph (3), by striking the period at 6
the end and inserting ‘‘; or’’; and 7
(3) by adding at the end the following: 8
‘‘(4) shall directly or indirectly prohibit, limit, 9
or impose any conditions upon the off-exchange sec-10
ondary trading in securities of an issuer that makes 11
current information publicly available, including— 12
‘‘(A) the information required in the peri-13
odic and current reports described under para-14
graph (b) of section 230.257 of title 17, Code 15
of Federal Regulations; or 16
‘‘(B) the documents and information speci-17
fied in paragraph (b) of section 15c2–11 of title 18
17, Code of Federal Regulations.’’. 19
Æ
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