Sec. 3. Limitations on State law
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/bill/116/hr/3768/ih/section-3A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Section 15(i) of the Securities Exchange Act of 1934 ( 15 U.S.C. 78o(i) ) is amended— by redesignating paragraph
(3)as paragraph (4); and by inserting after paragraph
(2)the following: No State or political subdivision thereof may enforce any law, rule, regulation, or other administrative action that imposes greater registration, audit, financial recordkeeping, or reporting requirements on a private placement broker or finder than those that are required under subsections
(p)and (q), respectively. For purposes of this paragraph, the term State includes the District of Columbia and each territory of the United States. .
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Sec. 3
Limitations on State law
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