What does Preamble of HR 7127 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 involving securities of an issuer that makes certain current information publicly available.

What does SHORT TITLE. of HR 7127 do?

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

What does EXEMPTION FROM STATE REGULATION. of HR 7127 do?

This section amends Section 18(a) of the Securities Act of 1933. The amendment modifies paragraphs (2) and (3) of Section 18(a). A new paragraph (4) is added to Section 18(a). The new paragraph (4) prohibits states from limiting or imposing conditions on off-exchange secondary trading of securities. This applies to issuers that make current information publicly available. The publicly available information includes that required by section 230.257 of title 17, Code of Federal Regulations. It also includes documents and information specified in section 15c2-11 of title 17, Code of Federal Regulations.

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Restoring the Secondary Trading Market Act — HR. 7127

Last updated: 3/4/2026 · 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 issuers that make required current information publicly available, as defined by specific regulations.
The bill prohibits states from limiting or imposing conditions on this type of off-exchange 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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