An amendment numbered 6 printed in Part A of House Report 112-265 to preserve a state's right to enforce securities laws with respect to fraud, deceit or unlawful conduct.

1. 1

   Change 1: Replaces “Section” at the section 4 with new text

   Replaces

   In H.R. 2930 · Reported in House

   SEC. 4. PREEMPTION OF STATE LAW.

   [inserted: (a) In General.--]Section 18(b)(4) of the Securities Act of 1933 (15 U.S.C. 77r(b)(4)) is amended--

   (1) by redesignating subparagraphs (C) and (D) as subparagraphs (D) and (E), respectively; and

   Original wording

   In section 4, strike “Section” and insert the following:

2. 2

   Change 2: Inserts new text at the end of section 4

   Inserts

   In H.R. 2930 · Reported in House

   "(C) section 4(6);". Union Calendar No. 175

   Inserted: (b) Clarification of the Preservation of State Enforcement Authority.--

   Inserted: (1) In general.--The amendments made by subsection (a) relate solely to State registration, documentation, and offering requirements, as described under section 18(a) of Securities Act of 1933 (15 U.S.C. 77r(a)), and shall have no impact or limitation on other State authority to take enforcement action with regard to an issuer, intermediary, or any other person or entity using the exemption from registration provided by section 4(6) of such Act.

   Inserted: (2) Clarification of state jurisdiction over unlawful conduct of intermediaries, issuers, and custodians.--Section 18(c)(1) of the Securities Act of 1933 is amended by striking "with respect to fraud or deceit, or unlawful conduct by a broker or dealer, in connection with securities or securities transactions." and inserting the following: ", in connection with securities or securities transactions, with respect to--

   Inserted: "(A) fraud or deceit;

   Inserted: "(B) unlawful conduct by a broker or dealer; and

   Inserted: "(C) with respect to a transaction described under section 4(6), unlawful conduct by an intermediary, issuer, or custodian.".

   Original wording

   In section 4, add at the end the following:

Read automatically from the Congressional Record. Check the original before relying on it.

As printed