,i  #aaf? ,,congress  #a/ ,session  ,h4 
,r4 #aiji  ,,9 ,,! ,,h\se ,,(           
,,repres5tatives  ,m>* #bg1 #bjai,mr4   
,*abot 7= himself & ,mr4 ,s*neid]7      
introduc$ ! foll[+ bill2 :i* 0 ref]r$ to
 ! ,committee on ,f9ancial ,s]vices  ,a 
,,bill  ,to require ! ,securities &     
,ex*ange ,commission to revise rules    
relat+ to g5]al solicitation or g5]al   
adv]tis+ to all[ = pres5tations or o!r  
communication made by or on behalf ( an 
issu] at c]ta9 ev5ts1 & = o!r purposes4 
#a4 ,%ort title ,?is ,act may be cit$ z 
! ,help+ ,angels ,lead ,our ,/>tups ,act
 ( #bjai or ! ,,halos ,act4  #b4        
,cl>ification ( g5]al solicitation  7a7 
,def9itions ,= purposes ( ?is ,act & !  
revision ( rules requir$ "u ?is ,act3   
7#a7 ,angel inve/or gr\p ,! 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    
7#b7 ,issu] ,! t]m issu] means an issu] 
t is a bus9ess1 is n 9 bankruptcy or    
receiv]%ip1 is n an inve/m5t company1 & 
is n a blank *eck1 bl9d pool1 or %ell   
company4  7b7 ,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     
reasonable adm9i/rative fees2  7,d7 does
 n receive any comp5sation = mak+       
introductions betwe5 inve/ors att5d+ !  
ev5t & issu]s1 or = inve/m5t            
negotiations betwe5 su* p>ties2  7,e7   
makes readily available to att5dees a   
disclosure n long] ?an "o page 9 l5g?1 z
 prescrib$ by ! ,securities & ,ex*ange  

,commission1 describ+ ! nature ( ! ev5t 
& ! risks ( inve/+ 9 ! issu]s pres5t+ at
 ! ev5t2 &  7,f7 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$s ( ! (f]+4  7c7     
,rule ( con/ruction ,subsection 7b7 may 
only be con/ru$ z requir+ ! ,securities 
& ,ex*ange ,commission to am5d !        
requirem5ts ( ,regulation ,d ) respect  
to pres5tations & communications1 & n ) 
respect to pur*ases or sales4  7d7 ,no  
pre-,exi/+ sub/antive relation%ip by    

reason ( ev5t ,att5dance at an ev5t     
describ$ "u subsection 7b7 %all n       
qualify1 by itself1 z e/abli%+ a        
pre-exi/+ sub/antive relation%ip betwe5 
an issu] & a pur*as]1 = purposes ( ,rule
 #ejf7;b74