,i  #aaith ,,congress  #ast ,session    
,h4 ,r4 #cceb  ,,in ,,the ,,house ,,of  
,,representatives  ,may #ac1 #bjbe,mr4  
,lawler 7for himself and ,mr4           
,gottheimer7 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 #bjbe or the ,,halos  
,act of #bjbe4  #b4 ,clarification of   
general solicitation  7a7 ,angel        
investor group defined ,the term angel  
investor group means any group that--   
7#a7 is composed of accredited          
investors2  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  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 7#ag ,,cfr #bcj4ejj et   
seq47 to specify that the prohibition   
against general solicitation or general 
advertising contained in section        
#bcj4ejb7;c7 of title #ag1 ,code of     
,federal ,regulations1 shall not apply  
to a presentation or other communication
 made by or on behalf of an issuer which
 is made at an event in which more than 
one issuer participates-- 7#a7 sponsored
 by-- 7,a7 the ,united ,states or any   
territory thereof1 the ,district of     
,columbia1 any ,state1 a federally      
recognized ,indian ,tribe1 a political  
subdivision of any ,state1 territory1 or
 federally recognized ,indian ,tribe1 or
 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 an incubator or            
accelerator2  7,f7 a venture forum1     
venture capital association1 or trade   
association1 other than an association  
created solely for the purpose of       
sponsoring an event described under this
 subsection2 or  7,g7 any other group1  
person1 or entity as the ,securities and
 ,exchange ,commission may determine by 
rule2  7#b7 that is not held in any     
facility that is owned or operated by a 
religious organization1 other than an   
institution of higher education that is 
accredited and operated primarily for   
post-secondary education2  7#c7 where   
any advertising for the event does not  
reference any specific offering of      
securities by the issuer2  7#d7 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 and  7,e7 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    
7#e7 where no 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 and  
the unsubscribed amount2 and  7,d7 the  
intended use of proceeds of the         
offering2 and  7#f7 in the case of an   
event that allows attendees to          
participate virtually1 rather than in   
person1 where online participation in   
the event is limited to-- 7,a7          
individuals who are members of1 or      
otherwise associated with the sponsor   
organization2  7,b7 individuals that the
 sponsor reasonably believes are        
accredited investors2 or  7,c7          
individuals who have been invited to the
 event by the sponsor based on industry 
or investment-related experience        
reasonably selected by the sponsor in   
good faith and disclosed in the public  
communications about the event4  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