,i  #aafth ,,congress  #ast ,session    
,h4 ,r4 #aiji  ,,in ,,the ,,house ,,of  
,,representatives  ,march #bg1 #bjai,mr4
 ,chabot 7for himself and ,mr4          
,schneider7 introduced the following    
bill2 which was referred to the         
,committee on ,financial ,services  ,a  
,,bill  ,to require the ,securities and 
,exchange ,commission to revise rules   
relating to general solicitation or     
general advertising to allow for        
presentations or other communication    
made by or on behalf of an issuer at    
certain events1 and for other purposes4 
#a4 ,short title ,this ,act may be cited
 as the ,helping ,angels ,lead ,our     
,startups ,act of #bjai or the ,,halos  
,act4  #b4 ,clarification of general    
solicitation  7a7 ,definitions ,for     
purposes of this ,act and the revision  
of rules required under this ,act3  7#a7
 ,angel investor group ,the term angel  
investor group means any group that--   
7,a7 is composed of accredited investors
 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      
neither associated nor affiliated with  
brokers1 dealers1 or investment         
advisers4  7#b7 ,issuer ,the term issuer
 means an issuer that is a business1 is 
not in bankruptcy or receivership1 is   
not an investment company1 and is not a 
blank check1 blind pool1 or shell       
company4  7b7 ,in general ,not later    
than #f months after the date of        
enactment of this ,act1 the ,securities 
and ,exchange ,commission shall revise  
,regulation ,d of its rules 7#ag ,,cfr  
#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  7,c7 does not charge event      
attendees any fees other than reasonable
 administrative fees2  7,d7 does not    
receive any compensation for making     
introductions between investors         
attending the event and issuers1 or for 
investment negotiations between such    
parties2  7,e7 makes readily available  
to attendees a disclosure not longer    
than one page in length1 as prescribed  
by the ,securities and ,exchange        
,commission1 describing the nature of   
the event and the risks of investing in 
the issuers presenting at the event2 and
  7,f7 does not receive any compensation
 with respect to such event that would  
require registration of the sponsor as a
 broker or a dealer under the           
,securities ,exchange ,act of #aicd1 or 
as an investment advisor under the      
,investment ,advisers ,act of #aidj2 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  7c7 ,rule of construction   
,subsection 7b7 may only be construed as
 requiring the ,securities and ,exchange
 ,commission to amend the requirements  
of ,regulation ,d with respect to       
presentations and communications1 and   
not with respect to purchases or sales4 
7d7 ,no pre-,existing substantive       
relationship by reason of event         
,attendance at an event described under 
subsection 7b7 shall not qualify1 by    
itself1 as establishing a pre-existing  
substantive relationship between an     
issuer and a purchaser1 for purposes of 
,rule #ejf7;b74