,,iib  #aae? ,,congress  #a/ ,session   
,h4 ,r4 #gi  ,,9 ,,! ,,s5ate ,,( ,,!    
,,unit$ ,,/ates  ,janu>y #aa1           
#bjag,receiv$2 read twice & ref]r$ to ! 
,committee on ,bank+1 ,h\s+1 & ,urban   
,affairs  ,,an ,,act  ,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$ ( accr$it$ inve/ors int]e/$ 9  
inve/+ p]sonal capital 9 e>ly-/age      
companies2  7#b7 holds regul> meet+s &  
has def9$ processes & proc$ures = mak+  
inve/m5t decisions1 ei!r individually or
 among ! memb]%ip ( ! gr\p z a :ole2 &  
7#c7 is nei!r associat$ nor affiliat$ ) 
brok]s1 deal]s1 or inve/m5t advis]s4    
#c4 ,cl>ification ( g5]al solicitation  
7a7 ,9 g5]al ,n lat] ?an #f mon?s aft] !
 date ( enactm5t ( ?is ,act1 !          
,securities & ,ex*ange ,commission %all 

revise ,regulation ,d ( its rules 7#ag  
,,cfr #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 does n       
receive any comp5sation ) respect to su*
 ev5t t w\ld require regi/ration ( !    
sponsor z a brok] or a deal] "u !       
,securities ,ex*ange ,act ( #aicd1 or z 
an inve/m5t advisor "u ! ,inve/m5t      
,advis]s ,act ( #aidj2 &  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  7b7 ,rule (          
con/ruction ,subsection 7a7 may only be 

con/ru$ z requir+ ! ,securities &       
,ex*ange ,commission to am5d !          
requirem5ts ( ,regulation ,d ) respect  
to pres5tations & communications1 & n ) 
respect to pur*ases or sales4  ,pass$ ! 
,h\se ( ,repres5tatives ,janu>y #aj1    
#bjag4,k>5 ,l4 ,haas1,cl]k