,i  #aai? ,,congress  #a/ ,session  ,h4 
,r4 #cceb  ,,9 ,,! ,,h\se ,,(           
,,repres5tatives  ,may #ac1 #bjbe,mr4   
,lawl] 7= himself & ,mr4 ,got!im]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
 ( #bjbe or ! ,,halos ,act ( #bjbe4  #b4
 ,cl>ification ( g5]al solicitation  7a7
 ,angel inve/or gr\p def9$ ,! t]m angel 
inve/or gr\p means any gr\p t-- 7#a7 is 
compos$ ( accr$it$ inve/ors2  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  7b7 ,9    

g5]al ,n lat] ?an #f mon?s aft] ! date (
 enactm5t ( ?is ,act1 ! ,securities &   
,ex*ange ,commission %all revise        
,regulation ,d 7#ag ,,cfr #bcj4ejj et   
seq47 to specify t ! prohibition aga9/  
g5]al solicitation or g5]al adv]tis+    
conta9$ 9 section #bcj4ejb7;c7 ( title  
#ag1 ,code ( ,f$]al ,regulations1 %all n
 apply to a pres5tation or o!r          
communication made by or on behalf ( an 
issu] :i* is made at an ev5t 9 :i* m ?an
 "o issu] p>ticipates-- 7#a7 sponsor$   
by-- 7,a7 ! ,unit$ ,/ates or any        
t]ritory !re(1 ! ,di/rict ( ,columbia1  
any ,/ate1 a f$]ally recogniz$ ,indian  
,tribe1 a political subdivision ( any   
,/ate1 t]ritory1 or f$]ally recogniz$   
,indian ,tribe1 or 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 an incubator or accel]ator2 
7,f7 a v5ture =um1 v5ture capital       
association1 or trade association1 o!r  

?an an association creat$ solely = !    
purpose ( sponsor+ an ev5t describ$ "u  
?is subsection2 or  7,g7 any o!r gr\p1  
p]son1 or entity z ! ,securities &      
,ex*ange ,commission may det]m9e by     
rule2  7#b7 t is n held 9 any facility t
 is own$ or op]at$ by a religi\s        
organization1 o!r ?an an in/itution (   
high] education t is accr$it$ & op]at$  
prim>ily = po/-second>y education2  7#c7
 :]e any adv]tis+ = ! ev5t does n       
ref]5ce any specific (f]+ ( securities  
by ! issu]2  7#d7 ! 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 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#e7  
:]e no 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]$2  7,c7 ! am\nt (    
securities be+ (f]$ & ! unsubscrib$     
am\nt2 &  7,d7 ! int5d$ use ( proce$s ( 
! (f]+2 &  7#f7 9 ! case ( an ev5t t    
all[s att5dees to p>ticipate virtually1 
r ?an 9 p]son1 :]e onl9e p>ticipation 9 
! ev5t is limit$ to-- 7,a7 individuals  
:o are memb]s (1 or o!rwise associat$ ) 
! sponsor organization2  7,b7           
individuals t ! sponsor reasonably      
believes are accr$it$ inve/ors2 or  7,c7
 individuals :o h be5 invit$ to ! ev5t  
by ! sponsor bas$ on indu/ry or         
inve/m5t-relat$ exp]i5ce reasonably     

select$ by ! sponsor 9 good fai? &      
disclos$ 9 ! public communications ab\t 
! ev5t4  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