Bill > HR1553

This bill, the Helping Angels Lead Our Startups (HALOS) Act of 2023, aims to revise the Securities and Exchange Commission's (SEC) rules on general solicitation or advertising. The key provisions are: 1. The bill defines an "angel investor group" as a group of accredited investors that regularly meets and has procedures for investment decisions, and is not associated with brokers, dealers, or investment advisers. 2. The bill requires the SEC to revise Regulation D to allow issuers (businesses that are not in bankruptcy, receivership, investment companies, or blank check/shell companies) to present or communicate at certain events sponsored by the government, universities, nonprofits, angel investor groups, venture forums, or other groups the SEC deems appropriate, as long as the event sponsors do not make investment recommendations, engage in negotiations, or receive certain fees or compensation. 3. The bill clarifies that attendance at such an event does not, by itself, establish a pre-existing relationship between the issuer and a purchaser for the purposes of Rule 506(b) of Regulation D. The overall purpose of the bill is to provide more flexibility for issuers to communicate with potential investors at various events, while maintaining certain investor protections.

Business and Industry

https://www.congress.gov/bill/118th-congress/house-bill/1553/all-info