,,ii  #aaf? ,,congress  #a/ ,session    
,s4 #ajfc  ,,9 ,,! ,,s5ate ,,( ,,!      
,,unit$ ,,/ates  ,april #h1 #bjai,mr4   
,murphy 7= himself1 ,mr4 ,toomey1 ,mr4  
,s*atz1 ,mr4 ,tillis1 ,ms4 ,s9ema1 &    
,mr4 ,?une7 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 revise ! rules (
 ! ,commission relat+ to g5]al          
solicitation or g5]al adv]tis+1 & = o!r 
purposes4  #a4 ,%ort title ,?is ,act may
 be cit$ z ! ,help+ ,angels ,lead ,our  
,/>tups ,act ( #bjai or ! ,,halos ,act (
 #bjai4  #b4 ,help+ angels lead our     
/>tups  7a7 ,def9itions ,9 ?is section1 
& = ! purposes ( ! revisions requir$ "u 
subsection 7b7--  7#a7 ! t]m angel      
inve/or gr\p means any gr\p t-- 7,a7 is 
compos$ ( accr$it$ inve/ors :o are      
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]s2 &  7#b7 !  
t]m issu] means an issu] t--  7,a7 is a 
bus9ess2  7,b7 is n 9 bankruptcy or     
receiv]%ip2 &  7,c7 is n a blank *eck1  
bl9d pool1 or %ell company4  7b7        
,cl>ification ( g5]al solicitation  7#a7
 ,9 g5]al ,n lat] ?an #ahj days aft] !  
date ( enactm5t ( ?is ,act1 !           
,securities & ,ex*ange ,commission %all 
revise sections #bcj4ejj ?r\gh #bcj4ejh 
( title #ag1 ,code ( ,f$]al ,regulations
 7ref]r$ to 9 ?is subsection z          
,regulation ,d71 to require t1 9 c>ry+  
out ! prohibition aga9/ g5]al           
solicitation or g5]al adv]tis+ "u       
section #bcj4ejb7;c7 ( title #ag1 ,code 
( ,f$]al ,regulations1 ! prohibition    
%all n apply to a pres5tation or o!r    
communication made by or on behalf ( an 
issu] at an ev5t--  7,a7 sponsor$ by--  
7i7 ! ,unit$ ,/ates2  7ii7 any t]ritory 
( ! ,unit$ ,/ates2  7iii7 ! ,di/rict (  

,columbia2  7iv7 any ,/ate2  7v7 a      
political subdivision ( any ,/ate or    
t]ritory2  7vi7 an ag5cy or public      
in/rum5tality ( any entity describ$ 9   
clauses 7i7 ?r\gh 7v72  7vii7 a college1
 univ]sity1 or o!r in/itution ( high]   
education2  7viii7 a nonpr(it           
organization2  7ix7 an angel inve/or    
gr\p2  7x7 a v5ture =um1 v5ture capital 
association1 or trade association2 or   
7xi7 any o!r gr\p1 p]son1 or entity t ! 
,securities & ,ex*ange ,commission may1 
by rule1 det]m9e to be appropriate2     
7,b7 :]e any adv]tis+ = ! ev5t does n   
ref]5ce any specific (f]+ ( securities  
by ! issu]2  7,c7 ! sponsor ( :i*-- 7i7 
does n make inve/m5t recomm5dations or  
provide inve/m5t advice to att5dees ( ! 
ev5t2  7ii7 does n engage 9 an active   
role 9 any inve/m5t negotiations betwe5 
! issu] & inve/ors att5d+ ! ev5t2  7iii7
 does n *>ge att5dees ( ! ev5t any fees 
o!r ?an reasonable adm9i/rative fees2   
7iv7 does n receive any comp5sation =-- 
7,i7 mak+ introductions betwe5 inve/ors 

att5d+ ! ev5t & issu]s2 or  7,,ii7      
inve/m5t negotiations betwe5 ! p>ties   
describ$ 9 subclause 7,i72  7v7 makes   
readily available to att5dees ( ! ev5t a
 disclosure n long] ?an #a page 9 l5g?1 
z prescrib$ by ! ,securities & ,ex*ange 
,commission1 describ+ ! nature ( ! ev5t 
& ! risks ( inve/+ 9 ! issu]s pres5t+ at
 ! ev5t2 &  7vi7 does n receive any     
comp5sation ) respect to ! ev5t t w\ld  
require regi/ration ( ! sponsor 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  
advisor "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]1 o!r ?an--  7i7 t ! issu] is 
9 ! process ( (f]+ securities or plann+ 
to (f] securities2  7ii7 ! type & am\nt 
( securities be+ (f]$2  7iii7 ! am\nt ( 
securities be+ (f]$ t h already be5     
subscrib$ =2 &  7iv7 ! int5d$ use (     

proce$s ( ! (f]+4  7#b7 ,rule (         
con/ruction ,p>agraph 7#a7 may only be  
con/ru$ z requir+ ! ,securities &       
,ex*ange ,commission to am5d ,regulation
 ,d ) respect to pres5tations &         
communications & n ) respect to pur*ases
 or sales4  7#c7 ,no pre-exi/+          
sub/antive relation%ip by reason ( ev5t 
,att5dance at an ev5t describ$ 9        
p>agraph 7#a7 %all n qualify1 by itself1
 z e/abli%+ a pre-exi/+ sub/antive      
relation%ip betwe5 an issu] & a pur*as] 
= ! purposes ( section #bcj4ejf7;b7 (   
title #ag1 ,code ( ,f$]al ,regulations4