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![handle is hein.congrecreports/crptxaazc0001 and id is 1 raw text is: AUT-ENTICATED
US. GOVERNMENT
INFORMATION
GP
115TH CONGRESS REPORT
2d Session HOUSE OF REPRESENTATIVES 115-525
NATIONAL SECURITIES EXCHANGE REGULATORY PARITY
ACT
JANUARY 25, 2018.-Committed to the Committee of the Whole House on the State
of the Union and ordered to be printed
Mr. HENSARLING, from the Committee on Financial Services,
submitted the following
REPORT
together with
MINORITY VIEWS
[To accompany H.R. 4546]
[Including cost estimate of the Congressional Budget Office]
The Committee on Financial Services, to whom was referred the
bill (H.R. 4546) to amend the Securities Act of 1933 to specify when
a nationally traded security is exempt from State regulation of se-
curity offerings, having considered the same, report favorably
thereon without amendment and recommend that the bill do pass.
PURPOSE AND SUMMARY
On December 5, 2017, Representative Ed Royce introduced H.R.
4546, the National Securities Exchange Regulatory Parity Act,
which modernizes Section 18 of the Securities Act of 1933 (Securi-
ties Act) and eliminates references to specific national securities ex-
changes. H.R. 4546 also clarifies that the state blue sky exemp-
tion shall be available for all securities that qualify for trading in
the national market system pursuant to section 11A(2) of the Secu-
rities Exchange Act of 1934.
BACKGROUND AND NEED FOR LEGISLATION
The goal of H.R. 4546 is to better reflect today's equity markets,
which compete aggressively to list securities and execute trans-
actions. In 1996, Congress passed, and President Clinton signed
into law, the National Securities Markets Improvement Act of 1996
79-006](ViewImageLocal?handle=hein.congrecreports/crptxaazc0001&div=1&collection=&method=preview&ext=.png&size=3)