Restoring the Secondary Trading Market Act

Bill: 118-hr-2506
Sponsor: full_name: Rep. Meuser, Daniel [R-PA-9]
Introduced: 2023-04-06
Policy area: Finance and Financial Sector
Latest action: action_date: 2023-04-06
text: Referred to the House Committee on Financial Services.

Summaries:
action_date: 2023-04-06
action_desc: Introduced in House
text: <p class="MsoNormal" style="line-height: normal;"><b>Restoring the Secondary Trading Market Act</b></p> <p class="MsoNormal" style="line-height: normal;">This bill prohibits states from banning, limiting, or imposing conditions upon off-exchange secondary trading of securities.&nbsp; This prohibition applies if the issuer of those securities provides public information on the issuer's financial status in accordance with federal regulations.</p>

tv_txt: I 118th CONGRESS 1st Session H. R. 2506 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.

1. Short title This Act may be cited as the Restoring the Secondary Trading Market Act . 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. .