,,ii  #aacth ,,congress  #b;d ,session  
,s4 #bdih  ,,in ,,the ,,senate ,,of     
,,the ,,united ,,states  ,june #ai1     
#bjad ,mr4 ,murphy 7for himself1 ,mr4   
,thune1 ,mr4 ,toomey1 and ,mr4 ,schatz7 
introduced the following bill2 which was
 read twice and referred to the         
,committee on ,banking1 ,housing1 and   
,urban ,affairs  ,a ,,bill  ,to clarify 
the definition of general solicitation  
under ,federal securities law4  #a4     
,short title ,this ,act may be cited as 
the ,helping ,angels ,lead ,our         
,startups ,act or the ,,halos ,act4  #b4
 ,definition of angel investor group ,as
 used in this ,act1 the term angel      
investor group means any group that--   
7#a7 is composed primarily of individual
 accredited investors who are interested
 in investing personal capital in       
early-stage companies2  7#b7 holds      
regular meetings and has defined        
processes and procedures for making     
investment decisions1 either            
individually or among the membership of 

the group as a whole2 and  7#c7 is not  
connected to broker-dealers or          
investment advisers4  #c4               
,clarification of general solicitation  
,the ,securities and ,exchange          
,commission shall amend ,regulation ,d  
of its rules 7#ag ,c4,f4,r4 #bcj4ejj et 
seq47 to require that in carrying out   
the prohibition against general         
solicitation or general advertising     
contained in section #bcj4ejb7;c7 of    
title #ag1 ,code of ,federal            
,regulations1 the prohibition shall not 
apply to a presentation or other        
communication made by or on behalf of an
 issuer which is made at an event-- 7#a7
 sponsored by-- 7,a7 the ,united ,states
 or any territory thereof1 by the       
,district of ,columbia1 by any ,state1  
by a political subdivision of any ,state
 or territory1 or by any agency or      
public instrumentality of any of the    
foregoing2  7,b7 a college1 university1 
or other institution of higher          
education2  7,c7 a nonprofit            

organization2  7,d7 an angel investor   
group2  7,e7 a venture forum1 venture   
capital association1 or trade           
association2 or  7,f7 any other group1  
person or entity as the ,securities and 
,exchange ,commission may determine by  
rule2  7#b7 where any advertising for   
the event does not reference any        
specific offering of securities by the  
issuer2  7#c7 the sponsor of which--    
7,a7 does not make investment           
recommendations or provide investment   
advice to event attendees2  7,b7 does   
not engage in an active role in any     
investment negotiations between the     
issuer and investors attending the      
event2 and  7,c7 does not charge event  
attendees any fees other than           
administrative fees2 and  7#d7 where no 
specific information regarding an       
offering of securities by the issuer is 
communicated or distributed by or on    
behalf of the issuer1 other than-- 7,a7 
that the issuer is in the process of    
offering securities or planning to offer

 securities2  7,b7 the type and amount  
of securities being offered2  7,c7 the  
amount of securities being offered that 
have already been subscribed for2 and   
7,d7 the intended use of proceeds of the
 offering4