Sec. 478. Preemption of State law
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/bill/115/hr/10/ih/section-478A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Section 18(b)(4)(C) of the Securities Act of 1933 ( 15 U.S.C. 77r(b)(4)(C) ) is amended by striking section 4(6) and inserting section 4(a)(6) . 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(a)(6) of such Act, except that a State may not impose any fees under such authority. Section 18(c)(1) of the Securities Act of 1933 is amended by striking in connection with securities or securities transactions and all that follows and inserting the following: , in connection with securities or securities transactions, with respect to— fraud or deceit; unlawful conduct by a broker or dealer; and with respect to a transaction described under section 4(a)(6), unlawful conduct by an intermediary, issuer, or custodian. .
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Sec. 478
Preemption of State law
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