,,ii  #aae? ,,congress  #a/ ,session    
,s4 #ehh  ,,9 ,,! ,,s5ate ,,( ,,!       
,,unit$ ,,/ates  ,m>* #i1 #bjag ,mr4    
,murphy 7= himself1 ,mr4 ,?une1 ,mr4    
,s*atz1 ,mr4 ,toomey1 & ,ms4 ,heitkamp7 
introduc$ ! foll[+ bill2 :i* 0 read     
twice & ref]r$ to ! ,committee on       
,bank+1 ,h\s+1 & ,urban ,affairs  ,a    
,,bill  ,to require ! ,securities &     
,ex*ange ,commission to cl>ify :at      
con/itutes a g5]al solicitation "u !    
,f$]al securities laws1 & = o!r         
purposes4  #a4 ,%ort title  ,?is ,act   
may be cit$ z ! ,help+ ,angels ,lead    
,our ,/>tups ,act or ! ,,halos ,act4    
#b4 ,def9ition  ,9 ?is ,act1 ! t]m angel
 inve/or gr\p means a gr\p t-- 7#a7 is  
compos$ ( accr$it$ inve/ors int]e/$ 9   
inve/+ 9 p]sonal capital 9 e>ly-/age    
companies2  7#b7 holds regul> meet+s2   
7#c7 ) respect to ei!r ! individual     
inve/ors t con/itute ! gr\p or ! gr\p z 
a :ole1 has def9$ processes & proc$ures 
= mak+ inve/m5t decisions2 &  7#d7 is n 
associat$ ) a brok]1 a deal]1 or an     

inve/m5t advis]4  #c4 ,cl>ification (   
g5]al solicitation  7a7 ,9 g5]al ,n lat]
 ?an #ahj days aft] ! date ( enactm5t ( 
?is ,act1 ! ,securities & ,ex*ange      
,commission %all am5d sections #bcj4ejj 
?r\gh #bcj4ejh ( title #ag1 ,code (     
,f$]al ,regulations1 s t ! prohibition  
aga9/ g5]al solicitation & g5]al        
adv]tis+ "u section #bcj4ejb7;c7 ( title
 #ag1 ,code ( ,f$]al ,regulations1 %all 
n apply ) respect to a pres5tation or   
ano!r =m ( communication t is made--    
7#a7 by or on behalf ( an issu]2 &  7#b7
 at an ev5t--  7,a7 t is sponsor$ by--  
7i7 ! ,unit$ ,/ates2  7ii7 a ,/ate2     
7iii7 a political subdivision ( a ,/ate2
  7iv7 an ag5cy or public in/rum5tality 
( an entity describ$ 9 clauses 7i7 ?r\gh
 7iii72  7v7 a college1 univ]sity1 or   
o!r in/itution ( high] le>n+2  7vi7 a   
nonpr(it organization2  7vii7 an angel  
inve/or gr\p2  7viii7 a v5ture =um1     
v5ture capital association1 or trade    
association2 or  7ix7 any o!r gr\p or   
p]son t ! ,commission may det]m9e1 by   

rule2  7,b7 :]e no adv]tis+ = ! ev5t    
ref]5ces any specific (f]+ ( securities 
by ! issu]2  7,c7 ! sponsor ( :i* does  
n--  7i7 make inve/m5t recomm5dations or
 provide inve/m5t advice to ! att5dees (
 ! ev5t2  7ii7 engage 9 an active role )
 respect to inve/m5t negotiations betwe5
 ! issu] & any inve/ors att5d+ ! ev5t2  
7iii7 *>ge att5dees ( ! ev5t any fees   
o!r ?an adm9i/rative fees2 &  7iv7      
receive comp5sation ) respect to ! ev5t 
t w\ld require ! sponsor to regi/] z--  
7,i7 a brok] or a deal] "u ! ,securities
 ,ex*ange ,act ( #aicd 7#ae ,u4,s4,c4   
#gh;a et seq472 or  7,,ii7 an inve/m5t  
advis] "u ! ,inve/m5t ,advis]s ,act (   
#aidj 7#ae ,u4,s4,c4 #hj;b-#a et seq472 
&  7,d7 :]e no specific in=mation reg>d+
 an (f]+ ( securities by ! issu] is     
communicat$ or di/ribut$ by or on behalf
 ( ! issu] o!r ?an--  7i7 t ! issu] is--
 7,i7 9 ! process ( (f]+ securities2 or 
7,,ii7 plann+ to (f] securities2  7ii7 !
 type & am\nt ( securities be+ (f]$2    
7iii7 ! am\nt ( securities be+ (f]$ t h 

be5 subscrib$ =1 z ( ! date ( ! ev5t2 & 
7iv7 ! int5d$ use ( any proce$s f !     
(f]+4  7b7 ,rule ( con/ruction          
,subsection 7a7--  7#a7 %all be con/ru$ 
to require ! ,securities & ,ex*ange     
,commission to am5d sections #bcj4ejj   
?r\gh #bcj4ejh ( title #ag1 ,code (     
,f$]al ,regulations1 ) respect to       
pres5tations & communications2 &  7#b7  
may n be con/ru$ to require !           
,securities & ,ex*ange ,commission to   
am5d sections #bcj4ejj ?r\gh #bcj4ejh ( 
title #ag1 ,code ( ,f$]al ,regulations1 
) respect to pur*ases or sales4