,,ii  #aac? ,,congress  #b;d ,session   
,s4 #bdih  ,,9 ,,! ,,s5ate ,,( ,,!      
,,unit$ ,,/ates  ,june #ai1 #bjad ,mr4  
,murphy 7= himself1 ,mr4 ,?une1 ,mr4    
,toomey1 & ,mr4 ,s*atz7 introduc$ !     
foll[+ bill2 :i* 0 read twice & ref]r$  
to ! ,committee on ,bank+1 ,h\s+1 &     
,urban ,affairs  ,a ,,bill  ,to cl>ify !
 def9ition ( g5]al solicitation "u      
,f$]al securities law4  #a4 ,%ort title 
,?is ,act may be cit$ z ! ,help+ ,angels
 ,lead ,our ,/>tups ,act or ! ,,halos   
,act4  #b4 ,def9ition ( angel inve/or   
gr\p ,z us$ 9 ?is ,act1 ! t]m angel     
inve/or gr\p means any gr\p t-- 7#a7 is 
compos$ prim>ily ( individual accr$it$  
inve/ors :o are int]e/$ 9 inve/+ p]sonal
 capital 9 e>ly-/age companies2  7#b7   
holds regul> meet+s & has def9$         
processes & proc$ures = mak+ inve/m5t   
decisions1 ei!r individually or among ! 
memb]%ip ( ! gr\p z a :ole2 &  7#c7 is n
 connect$ to brok]-deal]s or inve/m5t   
advis]s4  #c4  ,cl>ification ( g5]al    
solicitation  ,! ,securities & ,ex*ange 

,commission %all am5d ,regulation ,d (  
its rules 7#ag ,c4,f4,r4 #bcj4ejj et    
seq47 to require t 9 c>ry+ out !        
prohibition aga9/ g5]al solicitation or 
g5]al adv]tis+ conta9$ 9 section        
#bcj4ejb7;c7 ( title #ag1 ,code ( ,f$]al
 ,regulations1 ! prohibition %all n     
apply to a pres5tation or o!r           
communication made by or on behalf ( an 
issu] :i* is made at an ev5t-- 7#a7     
sponsor$ by-- 7,a7 ! ,unit$ ,/ates or   
any t]ritory !re(1 by ! ,di/rict (      
,columbia1 by any ,/ate1 by a political 
subdivision ( any ,/ate or t]ritory1 or 
by any ag5cy or public in/rum5tality (  
any ( ! =ego+2  7,b7 a college1         
univ]sity1 or o!r in/itution ( high]    
education2  7,c7 a nonpr(it             
organization2  7,d7 an angel inve/or    
gr\p2  7,e7 a v5ture =um1 v5ture capital
 association1 or trade association2 or  
7,f7 any o!r gr\p1 p]son or entity z !  
,securities & ,ex*ange ,commission may  
det]m9e by rule2  7#b7 :]e any adv]tis+ 
= ! ev5t does n ref]5ce any specific    

(f]+ ( securities by ! issu]2  7#c7 !   
sponsor ( :i*-- 7,a7 does n make        
inve/m5t recomm5dations or provide      
inve/m5t advice to ev5t att5dees2  7,b7 
does n engage 9 an active role 9 any    
inve/m5t negotiations betwe5 ! issu] &  
inve/ors att5d+ ! ev5t2 &  7,c7 does n  
*>ge ev5t att5dees any fees o!r ?an     
adm9i/rative fees2 &  7#d7 :]e no       
specific in=mation reg>d+ an (f]+ (     
securities by ! issu] is communicat$ or 
di/ribut$ by or on behalf ( ! issu]1 o!r
 ?an-- 7,a7 t ! issu] is 9 ! process (  
(f]+ securities or plann+ to (f]        
securities2  7,b7 ! type & am\nt (      
securities be+ (f]$2  7,c7 ! am\nt (    
securities be+ (f]$ t h already be5     
subscrib$ =2 &  7,d7 ! int5d$ use (     
proce$s ( ! (f]+4