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RCP Congressional Bill Tracker - H.R. 4498

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H.R. 4498: Helping Angels Lead Our Startups Act or the HALOS Act

Title: Helping Angels Lead Our Startups Act or the HALOS Act

Introduced: Feb 9, 2016 (114th Congress)

Sponsor: Rep. Steve J. Chabot [R-OH1]

Status: Passed House - Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

Summary: (This measure has not been amended since it was introduced. The expanded summary of the House reported version is repeated here.) Helping Angels Lead Our Startups Act or the HALOS Act (Sec. 3) This bill directs the Securities and Exchange Commission (SEC) to amend Regulation D (governing the limited offer and sale of securities without registration under the Securities Act of 1933) to make the prohibition against general solicitation or general advertising inapplicable to events with specified kinds of sponsors (including angel investor groups not connected to broker-dealers or investment advisers) where: presentations or communications are made by or on behalf of an issuer, the advertising does not refer to any specific offering of securities by the issuer, the sponsor does not engage in certain activities (such as offering investment recommendations or advice to attendees), the sponsor does not receive compensation for the event which would require registration as a broker or dealer or as an investment advisor, and no specific information regarding a securities offering is communicated (other than that the issuer is in the process of offering or planning to offer securities, including the type and amount of securities being offered). This bill may only be construed as requiring the SEC to amend Regulation D with respect to presentations and communications, and not with respect to purchases or sales.

Votes


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