What does Preamble of Restoring the Secondary Trading Market Act do?

This bill proposes to amend the Securities Act of 1933. The proposed amendment aims to exempt off-exchange secondary trading from state regulation. This exemption applies to trading of securities issued by companies that publicly disclose certain current information.

What does SHORT TITLE. of Restoring the Secondary Trading Market Act do?

This bill is formally titled the Restoring the Secondary Trading Market Act.

What does EXEMPTION FROM STATE REGULATION. of Restoring the Secondary Trading Market Act do?

This section amends Section 18(a) of the Securities Act of 1933. The amendment modifies paragraphs (2) and (3) and adds a new paragraph (4). The new paragraph (4) states that states shall not prohibit, limit, or impose conditions upon off-exchange secondary trading of securities. This applies to issuers that make current information publicly available, including information required by specific Code of Federal Regulations sections. The referenced sections are paragraph (b) of section 230.257 of title 17, Code of Federal Regulations and paragraph (b) of section 15c2-11 of title 17, Code of Federal Regulations.

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Restoring the Secondary Trading Market Act

Last updated: 3/25/2026 · Introduced: 1/16/2026

Author: Daniel Meuser (R-PA)

TL;DR (AI)

This bill amends the Securities Act of 1933 to exempt off-exchange secondary trading of securities from state regulation.
The exemption applies to companies that publicly disclose current information as defined by specific Code of Federal Regulations sections.
The bill prohibits states from restricting or imposing conditions on this type of off-exchange secondary trading.

119th Congressin committeeOfficial page

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Other Sections

Includes provisions on preamble, short title., and 1 more.

3 sections

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