PUBLIC LAW 104-290—OCT. 11, 1996 110 STAT. 3417 Sec. 402. Purposes. Sec. 403. Authorization of appropriations. Sec. 404. Registration fees. Sec. 405. Transaction fees. Sec. 406. Time for payment. Sec. 407. Sense of the Congress concerning fees. TITLE V—REDUCING THE COST OF SAVING AND INVESTMENT Sec. 501. Exemption for economic, business, and industrial development companies. Sec. 502. Intrastate closed-end investment company exemption. Sec. 503. Definition of eligible portfolio company. Sec. 504. Definition of business development company. Sec. 505. Acquisition of assets by business development companies. Sec. 506. Capital structure amendments. Sec. 507. Filing of written statements. Sec. 508. Church employee pension plans. Sec. 509. Promoting global preeminence of American securities markets. Sec. 510. Studies and reports. SEC. 2. DEFESriTIONS. 15 USC 78a note. For purposes of this Act— (1) the term "Commission" means the Securities and Exchange Commission; and (2) the term "State" has the same meaning as in section 3 of the Securities Exchange Act of 1934. SEC. 3. SEVERABILITY. 15 USC 78a note. If any provision of this Act, an amendment made by this Act, or the appHcation of such provision or amendment to any person or circumstance is held to be unconstitutional, the remainder of this Act, the amendments made by this Act, and the application of the provisions of such to any person or circumstance shall not be affected thereby. TITLE I—CAPITAL MARKETS capital Markets Efnciency Act of 1996. SEC. 101. SHORT TITLE. 15 USC 78a note. This title may be cited as the "Capital Markets Efficiency Act of 1996". SEC. 102. CREATION OF NATIONAL SECURITIES MARKETS. (a) IN GENERAL. —Section 18 of the Securities Act of 1933 (15 U.S.C. 77r) is amended to read as follows: " SEC. 18. EXEMPTION FROM STATE REGULATION OF SECURITIES OFFERINGS. "(a) SCOPE OF EXEMPTION. — Except as otherwise provided in this section, no law, rule, regulation, or order, or other administrative action of any State or any political subdivision thereof— "(1) requiring, or with respect to, registration or qualification of securities, or registration or qu^ification of securities transactions, shall directly or indirectly apply to a security that— "(A) is a covered security; or "(B) will be a covered security upon completion of the transaction; "(2) shall directly or indirectly prohibit, limit, or impose any conditions upon the use of— "(A) with respect to a covered security described in subsection (b), any offering document that is prepared by or on behalf of the issuer; or
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