A bill to amend the Securities Exchange Act of 1934 to exempt certain eligible broker-dealers from self-underwriting regulations.

Amends the Securities and Exchange Act of 1934 to provide that the rules of a registered national securities association shall not prohibit or limit the ability of any member to participate in the offer and sale of securities issued by a nonbroker or dealer affiliate if: (1) such member is wholly owned by the affiliate and limits its business to participation in such securities offer and sale; and (2) the member delivers to public investors a prospectus or similar document disclosing the affiliation and limited business of the member, the member's commission or compensation, and the names and recent business history of any persons other than persons associated with such member who participated in determining the price and other terms of the offering.