H.R. 2506 – Restoring the Secondary Trading Market Act

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Updated January 20, 2026 at 6:07 AM UTC

The Restoring the Secondary Trading Market Act amends the Securities Act of 1933 to create a federal exemption that prevents states from regulating off‑exchange secondary trading of securities, provided the issuer makes certain current information publicly available. This change affects state securities regulators and investors who trade securities outside of organized exchanges.

Key Provisions

Adds paragraph (4) to Section 18(a) of the Securities Act, prohibiting states from directly or indirectly limiting or imposing conditions on off‑exchange secondary trading of securities when the issuer publicly provides required periodic and current reports or other specified documents.

Legislative Activity

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HouseIntro Referral Latest Action

Referred to the House Committee on Financial Services.

Financial Services Committee

April 6, 2023

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HouseIntro Referral

Introduced in House

April 6, 2023

HouseIntro Referral

Referred to the House Committee on Financial Services.

Financial Services Committee

April 6, 2023

Bill Text

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Introduced in HouseIssued April 6, 2023

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.

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