Restoring the Secondary Trading Market Act

[Congressional Bills 118th Congress]
[From the U.S. Government Publishing Office]
[H.R. 2506 Introduced in House (IH)]

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118th CONGRESS
  1st Session
                                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.


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                    IN THE HOUSE OF REPRESENTATIVES

                             April 6, 2023

  Mr. Meuser introduced 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 trading 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 Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Restoring the Secondary Trading 
Market Act''.

SEC. 2. EXEMPTION FROM STATE REGULATION.

    Section 18(a) of the Securities Act of 1933 (15 U.S.C. 77r(b)(4)) 
is amended--
            (1) in paragraph (2), by striking ``or'' at the end;
            (2) in paragraph (3), by striking the period at the end and 
        inserting ``; or''; and
            (3) by adding at the end the following:
            ``(4) shall directly or indirectly prohibit, limit, or 
        impose any conditions upon the off-exchange secondary trading 
        in securities of an issuer that makes current information 
        publicly available, including--
                    ``(A) the information required in the periodic and 
                current reports described under paragraph (b) of 
                section 230.257 of title 17, Code of Federal 
                Regulations; or
                    ``(B) the documents and information specified in 
                paragraph (b) of section 15c2-11 of title 17, Code of 
                Federal Regulations.''.
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