To eliminate the exemption from State regulation for certain securities designated by national securities exchanges.

(This measure has not been amended since it was introduced. The summary of that version is repeated here.)

Amends the Securities Act of 1933, with respect to exclusive federal registration of nationally traded securities, to exclude from exclusive federal regulation, and thus permit state regulation of, certain securities any one of specified securities exchanges has listed (or authorized for listing) in a tier or segment for uncovered securities, according to standards for designating such a tier or segment the exchange has adopted.