summary
Introduced
03/09/2017
03/09/2017
In Committee
03/09/2017
03/09/2017
Crossed Over
Passed
Dead
12/31/2018
12/31/2018
Introduced Session
115th Congress
Bill Summary
HALOS Act Helping Angels Lead Our Startups Act This bill directs the Securities and Exchange Commission (SEC) to revise Regulation D, which exempts certain offerings from SEC registration requirements but prohibits general solicitation or general advertising with respect to such offerings. Specifically, this prohibition shall not apply to events with specified kinds of sponsors, including "angel investor groups" unconnected to broker-dealers or investment advisers, where presentations or communications are made by or on behalf of an issuer but: the advertising does not refer to any specific offering of securities by the issuer; the sponsor does not provide investment recommendation or advice to attendees, engage in investment negotiations with attendees, charge certain fees, or receive certain compensation; and no specific information regarding a securities offering is communicated beyond the type and amount of securities being offered, the amount of securities already subscribed for, and the intended use of proceeds from the offering.
AI Summary
This bill, the Helping Angels Lead Our Startups (HALOS) Act, directs the Securities and Exchange Commission (SEC) to revise its Regulation D, which exempts certain securities offerings from registration requirements but prohibits general solicitation or advertising. Specifically, the bill would exempt events sponsored by certain entities, such as angel investor groups, colleges, and nonprofits, where presentations are made by or on behalf of an issuer, as long as the advertising does not reference a specific securities offering, the sponsor does not provide investment advice or engage in investment negotiations, and only limited information about the offering is communicated. The bill aims to facilitate capital raising for startups by allowing them to more freely communicate with potential investors at these types of events.
Committee Categories
Housing and Urban Affairs
Sponsors (7)
Chris Murphy (D)*,
Bob Corker (R),
Heidi Heitkamp (D),
Brian Schatz (D),
John Thune (R),
Thom Tillis (R),
Pat Toomey (R),
Last Action
Committee on Banking, Housing, and Urban Affairs. Hearings held. (on 06/26/2018)
Official Document
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | https://www.congress.gov/bill/115th-congress/senate-bill/588/all-info |
| BillText | https://www.congress.gov/115/bills/s588/BILLS-115s588is.pdf |
| Bill | https://www.congress.gov/115/bills/s588/BILLS-115s588is.pdf.pdf |
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