WHAT THE LAW DOINCongress, in plain words

The law › Title 15, Commerce and Trade › Chapter 2A

15 U.S.C. 77r: Exemption from State regulation of securities offerings

Created in 1996 by the National Securities Markets Improvement Act of 1996 (Public Law 104-290). Changed by 5 later laws. 1 bill in this Congress would change it.

3 other sections of the Code cite this one, including 15 U.S.C. 77p, 15 U.S.C. 78bb, 15 U.S.C. 6701.

1 part of federal rules cite it as their authority, written by Securities and Exchange Commission (1).

This Congress

  • H.R. 3633 Digital Asset Market Clarity Act · passed house · would change (b)

How it got here

2018

  • Pub. L. 115–174, §501(1), (4), redesignated subpar. (B) as (A) and struck out former subpar. (A) which read as follows: "listed, or authorized for listing, on the New York Stock Exchange or the American Stock Exchange, or listed, or authorized for listing, on the National Market … (Economic Growth, Regulatory Relief, and Consumer Protection Act) Law text · (b)
  • Pub. L. 115–174, §501(4), redesignated subpar. (C) as (B). Former subpar. (B) redesignated (A). (Economic Growth, Regulatory Relief, and Consumer Protection Act) Law text · (b)
  • Pub. L. 115–174, §501(2), inserted "a security designated as qualified for trading in the national market system pursuant to section 78k–1(a)(2) of this title that is" before "listed" and struck out "that has listing standards that the Commission determines by rule (on its own initiative or on the … (Economic Growth, Regulatory Relief, and Consumer Protection Act) Law text · (b)
  • Pub. L. 115–174, §501(4), redesignated subpar. (C) as (B). (Economic Growth, Regulatory Relief, and Consumer Protection Act) Law text · (b)
  • Pub. L. 115–174, §501(3), struck out "or (B)" after "described in subparagraph (A)". (Economic Growth, Regulatory Relief, and Consumer Protection Act) Law text · (b)

2015

  • Pub. L. 114–94, §76001(b)(1), which directed amendment of subsec. (b)(4) by redesignating "the second subparagraph (D)" as (E), was executed by making the redesignation for the subpar. (D) relating to section 77c(a) of this title to reflect the probable intent of Congress. Former… (Fixing America's Surface Transportation Act" or the "FAST Act) Law text · (b)
  • Pub. L. 114–94, §76001(b)(1), redesignated subpar. (E) as (F). (Fixing America's Surface Transportation Act" or the "FAST Act) Law text · (b)
  • Pub. L. 114–94, §76001(b)(2)–(4), added subpar. (G). (Fixing America's Surface Transportation Act" or the "FAST Act) Law text · (b)

2012

  • Pub. L. 112–106, §305(a)(2), added subpar. (C). Former subpar. (C) redesignated (D). (Jumpstart Our Business Startups Act) Law text · (b)
  • Pub. L. 112–106, §401(b), added subpar. (D) relating to section 77c(b)(2) of this title. (Jumpstart Our Business Startups Act) Law text · (b)
  • Pub. L. 112–106, §305(a)(1), redesignated subpar. (C), relating to section 77c(a) of this title, as (D). Former subpar (D) redesignated (E). (Jumpstart Our Business Startups Act) Law text · (b)
  • Pub. L. 112–106, §305(a)(1), redesignated subpar. (D) as (E). (Jumpstart Our Business Startups Act) Law text · (b)
  • Pub. L. 112–106, §305(b)(2), substituted ", in connection with securities or securities transactions" for "with respect to fraud or deceit, or unlawful conduct by a broker or dealer, in connection with securities or securities transactions." and added subpars. (A) and (B). (Jumpstart Our Business Startups Act) Law text · (c)
  • Pub. L. 112–106, §305(d)(2), which directed amendment of subsec. (c)(1) by substituting ", dealer, or funding portal" for "or dealer", was executed by making the substitution in subpar. (A)(ii) as added by Pub. L. 112–106, §305(b)(2). (Jumpstart Our Business Startups Act) Law text · (c)
  • Pub. L. 112–106, §305(c), added subpar. (F). (Jumpstart Our Business Startups Act) Law text · (c)

2010

  • Pub. L. 111–203, §985(a)(2)(A), substituted "(C) a security" for "(C) is a security". (Dodd-Frank Wall Street Reform and Consumer Protection Act) Law text · (b)
  • Pub. L. 111–203, §985(a)(2)(B), substituted "State or" for "State, or". (Dodd-Frank Wall Street Reform and Consumer Protection Act) Law text · (c)

1998

  • Pub. L. 105–353, §301(a)(4)(A), inserted ", or authorized for listing," after "Exchange, or listed". (Securities Litigation Uniform Standards Act of 1998) Law text · (b)
  • Pub. L. 105–353, §302, substituted "paragraph (4), (10), or (11)" for "paragraph (4) or (11)". (Securities Litigation Uniform Standards Act of 1998) Law text · (b)
  • Pub. L. 105–353, §301(a)(4)(B), (C), made technical amendments to references in original act which appear in text as references to October 11, 1996. (Securities Litigation Uniform Standards Act of 1998) Law text · (c), (C)
  • Pub. L. 105–353, §301(a)(4)(D), substituted "section 77b(a)(10)" for "section 77b(10)" and "subparagraphs (a) and (b)" for "subparagraphs (A) and (B)". (Securities Litigation Uniform Standards Act of 1998) Law text · (d)
  • Pub. L. 105–353, §301(a)(4)(E), made technical amendment to reference in original act which appears in text as reference to October 11, 1996. (Securities Litigation Uniform Standards Act of 1998) Law text · (d)
  • Pub. L. 105–353, §301(a)(4)(F), substituted "The term" for "For purposes of this paragraph, the term". (Securities Litigation Uniform Standards Act of 1998) Law text · (d)

1996

  • Pub. L. 104–290 substituted "Exemption from State regulation of securities offerings" for "State control of securities" as section catchline and amended text generally. Prior to amendment, text read as follows: "Nothing in this subchapter shall affect the jurisdiction of the securities commission (… (National Securities Markets Improvement Act of 1996) Law text

Text, outline and history from the official U.S. Code (2024 edition) on GovInfo, published by the Office of the Law Revision Counsel. Changes made after that edition appear under This Congress.