National Securities Exchange Regulatory Parity Act of 2016

Bill: 114-hr-5421
Sponsor: full_name: Rep. Royce, Edward R. [R-CA-39]
Introduced: 2016-06-09
Policy area: Finance and Financial Sector
Subjects: Administrative law and regulatory procedures

Banking and financial institutions regulation

Securities

Securities and Exchange Commission (SEC)

State and local government operations
Latest action: action_date: 2016-07-13
text: Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

Summaries:
action_date: 2016-06-09
action_desc: Introduced in House
text: <p> <b>National Securities Exchange Regulatory Parity Act of 2016 </b></p> <p>This bill amends the Securities Act of 1933, regarding the exemption of certain securities from state regulation, to eliminate the specific limitation to federal regulation of securities that are either listed or authorized for listing on: (1) the New York Stock Exchange, (2) the American Stock Exchange, (3) the National Market System of the Nasdaq Stock Market, or (4) any successor to such entities. </p> <p>The bill replaces such specific limitations with a general exemption from state regulation of any securities listed on a national securities exchange whose listing standards are approved by the Securities and Exchange Commission.</p>

action_date: 2016-07-12
action_desc: Passed House amended
text: <p><b>National Securities Exchange Regulatory Parity Act of 2016 </b></p> <p>(Sec. 2) This bill amends the Securities Act of 1933, regarding the exemption of certain securities from state regulation, to replace limitations based upon listing on specific stock exchanges with a general exemption from state regulation of any securities listed on a national exchange whose listing standards are approved by the Securities and Exchange Commission (SEC), consistent with SEC rules that establish minimum core quantitative listing standards.</p>

tv_txt: I 114th CONGRESS 2d Session H. R. 5421 IN THE HOUSE OF REPRESENTATIVES June 9, 2016 Mr. Royce introduced the following bill; which was referred to the Committee on Financial Services A BILL To amend the Securities Act of 1933 to apply the exemption from State regulation of securities offerings to securities listed on a national security exchange that has listing standards that have been approved by the Commission.

1. Short title This Act may be cited as the National Securities Exchange Regulatory Parity Act of 2016 . 2. Application of exemption Section 18(b) of the Securities Act of 1933 ( 15 U.S.C. 77r(b) ) is amended— (1) by striking subparagraph (A); (2) in subparagraph (B), by striking that the Commission determines by rule (on its own initiative or on the basis of a petition) are substantially similar to the listing standards applicable to securities described in subparagraph (A) and inserting that has been approved by the Commission ; (3) in subparagraph (C), by striking or (B) ; and (4) by redesignating subparagraphs (B) and (C) as subparagraphs (A) and (B), respectively.

tv_txt: I 114th CONGRESS 2d Session H. R. 5421 IN THE HOUSE OF REPRESENTATIVES AN ACT To amend the Securities Act of 1933 to apply the exemption from State regulation of securities offerings to securities listed on a national security exchange that has listing standards that have been approved by the Commission.

1. Short title This Act may be cited as the National Securities Exchange Regulatory Parity Act of 2016 . 2. Application of exemption (a) Amendments Section 18(b)(1) of the Securities Act of 1933 ( 15 U.S.C. 77r(b)(1) ) is amended— (1) by striking subparagraph (A); (2) in subparagraph (B), by striking that the Commission determines by rule (on its own initiative or on the basis of a petition) are substantially similar to the listing standards applicable to securities described in subparagraph (A) and inserting that have been approved by the Commission, consistent with section 2(c) of the National Securities Exchange Regulatory Parity Act of 2016 ; (3) in subparagraph (C), by striking or (B) ; and (4) by redesignating subparagraphs (B) and (C) as subparagraphs (A) and (B), respectively. (b) Effective date The amendments made by subsection (a) shall take effect— (1) on the date of enactment of this Act, with respect to a national securities exchange registered with, and whose listing standards have been approved by, the Securities and Exchange Commission on or before the date of enactment of this Act; and (2) on the date the Securities and Exchange Commission issues the final rule required by subsection (c), with respect to a national securities exchange not described under paragraph (1). (c) Replacement standards Not later than 360 days after the date of enactment of this Act, the Securities and Exchange Commission shall, by rule subject to public notice and comment, establish minimum core quantitative listing standards pursuant to section 6 of the Securities Exchange Act of 1934.

Passed the House of Representatives July 12, 2016. Karen L. Haas, Clerk.

tv_txt: IIB 114th CONGRESS 2d Session H. R. 5421 IN THE SENATE OF THE UNITED STATES July 13, 2016 Received; read twice and referred to the Committee on Banking, Housing, and Urban Affairs AN ACT To amend the Securities Act of 1933 to apply the exemption from State regulation of securities offerings to securities listed on a national security exchange that has listing standards that have been approved by the Commission.

1. Short title This Act may be cited as the National Securities Exchange Regulatory Parity Act of 2016 . 2. Application of exemption (a) Amendments Section 18(b)(1) of the Securities Act of 1933 ( 15 U.S.C. 77r(b)(1) ) is amended— (1) by striking subparagraph (A); (2) in subparagraph (B), by striking that the Commission determines by rule (on its own initiative or on the basis of a petition) are substantially similar to the listing standards applicable to securities described in subparagraph (A) and inserting that have been approved by the Commission, consistent with section 2(c) of the National Securities Exchange Regulatory Parity Act of 2016 ; (3) in subparagraph (C), by striking or (B) ; and (4) by redesignating subparagraphs (B) and (C) as subparagraphs (A) and (B), respectively. (b) Effective date The amendments made by subsection (a) shall take effect— (1) on the date of enactment of this Act, with respect to a national securities exchange registered with, and whose listing standards have been approved by, the Securities and Exchange Commission on or before the date of enactment of this Act; and (2) on the date the Securities and Exchange Commission issues the final rule required by subsection (c), with respect to a national securities exchange not described under paragraph (1). (c) Replacement standards Not later than 360 days after the date of enactment of this Act, the Securities and Exchange Commission shall, by rule subject to public notice and comment, establish minimum core quantitative listing standards pursuant to section 6 of the Securities Exchange Act of 1934.

Passed the House of Representatives July 12, 2016. Karen L. Haas, Clerk

tv_txt: IB Union Calendar No. 530 114th CONGRESS 2d Session H. R. 5421 [Report No. 114–684] IN THE HOUSE OF REPRESENTATIVES June 9, 2016 Mr. Royce introduced the following bill; which was referred to the Committee on Financial Services July 12, 2016 Additional sponsor: Mr. Hultgren July 12, 2016 Committed to the Committee of the Whole House on the State of the Union and ordered to be printed A BILL To amend the Securities Act of 1933 to apply the exemption from State regulation of securities offerings to securities listed on a national security exchange that has listing standards that have been approved by the Commission.

1. Short title This Act may be cited as the National Securities Exchange Regulatory Parity Act of 2016 . 2. Application of exemption Section 18(b) of the Securities Act of 1933 ( 15 U.S.C. 77r(b) ) is amended— (1) by striking subparagraph (A); (2) in subparagraph (B), by striking that the Commission determines by rule (on its own initiative or on the basis of a petition) are substantially similar to the listing standards applicable to securities described in subparagraph (A) and inserting that has been approved by the Commission ; (3) in subparagraph (C), by striking or (B) ; and (4) by redesignating subparagraphs (B) and (C) as subparagraphs (A) and (B), respectively.

July 12, 2016 Committed to the Committee of the Whole House on the State of the Union and ordered to be printed