,,ii  #aaeth ,,congress  #ast ,session  
,s4 #ehh  ,,in ,,the ,,senate ,,of ,,the
 ,,united ,,states  ,march #i1 #bjag    
,mr4 ,murphy 7for himself1 ,mr4 ,thune1 
,mr4 ,schatz1 ,mr4 ,toomey1 and ,ms4    
,heitkamp7 introduced the following     
bill2 which was read twice and referred 
to the ,committee on ,banking1 ,housing1
 and ,urban ,affairs  ,a ,,bill  ,to    
require the ,securities and ,exchange   
,commission to clarify what constitutes 
a general solicitation under the        
,federal securities laws1 and for other 
purposes4  #a4 ,short title  ,this ,act 
may be cited as the ,helping ,angels    
,lead ,our ,startups ,act or the ,,halos
 ,act4  #b4 ,definition  ,in this ,act1 
the term angel investor group means a   
group that-- 7#a7 is composed of        
accredited investors interested in      
investing in personal capital in        
early-stage companies2  7#b7 holds      
regular meetings2  7#c7 with respect to 
either the individual investors that    
constitute the group or the group as a  

whole1 has defined processes and        
procedures for making investment        
decisions2 and  7#d7 is not associated  
with a broker1 a dealer1 or an          
investment adviser4  #c4 ,clarification 
of general solicitation  7a7 ,in general
 ,not later than #ahj days after the    
date of enactment of this ,act1 the     
,securities and ,exchange ,commission   
shall amend sections #bcj4ejj through   
#bcj4ejh of title #ag1 ,code of ,federal
 ,regulations1 so that the prohibition  
against general solicitation and general
 advertising under section #bcj4ejb7;c7 
of title #ag1 ,code of ,federal         
,regulations1 shall not apply with      
respect to a presentation or another    
form of communication that is made--    
7#a7 by or on behalf of an issuer2 and  
7#b7 at an event--  7,a7 that is        
sponsored by-- 7i7 the ,united ,states2 
7ii7 a ,state2  7iii7 a political       
subdivision of a ,state2  7iv7 an agency
 or public instrumentality of an entity 
described in clauses 7i7 through 7iii72 

7v7 a college1 university1 or other     
institution of higher learning2  7vi7 a 
nonprofit organization2  7vii7 an angel 
investor group2  7viii7 a venture forum1
 venture capital association1 or trade  
association2 or  7ix7 any other group or
 person that the ,commission may        
determine1 by rule2  7,b7 where no      
advertising for the event references any
 specific offering of securities by the 
issuer2  7,c7 the sponsor of which does 
not--  7i7 make investment              
recommendations or provide investment   
advice to the attendees of the event2   
7ii7 engage in an active role with      
respect to investment negotiations      
between the issuer and any investors    
attending the event2  7iii7 charge      
attendees of the event any fees other   
than administrative fees2 and  7iv7     
receive compensation with respect to the
 event that would require the sponsor to
 register as--  7,i7 a broker or a      
dealer under the ,securities ,exchange  
,act of #aicd 7#ae ,u4,s4,c4 #gh;a et   

seq472 or  7,,ii7 an investment adviser 
under the ,investment ,advisers ,act of 
#aidj 7#ae ,u4,s4,c4 #hj;b-#a et seq472 
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      
issuer other than--  7i7 that the issuer
 is-- 7,i7 in the process of offering   
securities2 or  7,,ii7 planning to offer
 securities2  7ii7 the type and amount  
of securities being offered2  7iii7 the 
amount of securities being offered that 
have been subscribed for1 as of the date
 of the event2 and  7iv7 the intended   
use of any proceeds from the offering4  
7b7 ,rule of construction ,subsection   
7a7--  7#a7 shall be construed to       
require the ,securities and ,exchange   
,commission to amend sections #bcj4ejj  
through #bcj4ejh of title #ag1 ,code of 
,federal ,regulations1 with respect to  
presentations and communications2 and   
7#b7 may not be construed to require the
 ,securities and ,exchange ,commission  

to amend sections #bcj4ejj through      
#bcj4ejh of title #ag1 ,code of ,federal
 ,regulations1 with respect to purchases
 or sales4