,,ii  #aai? ,,congress  #a/ ,session    
,s4 #ccdb  ,,9 ,,! ,,s5ate ,,( ,,!      
,,unit$ ,,/ates  ,decemb] #d1 #bjbe,mr4 
,ricketts 7= himself & ,mr4 ,gallego7   
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    
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
 ,def9itions ,9 ?is section3 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 ,cl>ification ,n lat] ?an 
#f mon?s 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+ conta9$ 9 section #bcj4ejb7;c7 
( t title1 ! prohibition %all n apply to
 a pres5tation or o!r communication made
 by or on behalf ( an issu] t is made at
 an ev5t-- 7#a7 sponsor$ by-- 7,a7 !    
,unit$ ,/ates or any t]ritory ( ! ,unit$
 ,/ates2  7,b7 ! ,di/rict ( ,columbia1  
any ,/ate1 a f$]ally recogniz$ ,indian  
,tribe2 a political subdivision ( any   

,/ate1 t]ritory1 or f$]ally recogniz$   
,indian ,tribe2  7,c7 any ag5cy or      
public in/rum5tality ( any entity       
describ$ 9 subp>agraph 7,a7 or 7,b72    
7,d7 a college1 univ]sity1 or o!r       
in/itution ( high] education2  7,e7 a   
nonpr(it organization2  7,f7 an angel   
inve/or gr\p2  7,g7 an incubator or     
accel]ator2  7,h7 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,i7 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   
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 ( #aicd 7#ae ,u4,s4,c4    
#gh;a et seq471 or z an inve/m5t advisor
 "u ! ,inve/m5t ,advis]s ,act ( #aidj   
7#ae ,u4,s4,c4 #hj;b#a et seq472 &  7#e7
 :]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 & communications & 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] = ! purposes (     
section #bcj4ejf7;b7 ( title #ag1 ,code 
( ,f$]al ,regulations4