I 
118TH CONGRESS 
1ST SESSION H. R. 1553 
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 
events, and for other purposes. 
IN THE HOUSE OF REPRESENTATIVES 
MARCH 10, 2023 
Mr. LAWLER (for himself and Mr. GOTTHEIMER) introduced the following bill; 
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 adver-
tising to allow for presentations or other communication 
made by or on behalf of an issuer at certain events, 
and for other purposes. 
Be it enacted by the Senate and House of Representa-
tives of the United States of America in Congress assembled, 
SECTION 1. SHORT TITLE. 
This Act may be cited as the ‘‘Helping Angels Lead 
Our Startups Act of 2023’’ or the ‘‘HALOS Act of 2023’’. 
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SEC. 2. CLARIFICATION OF GENERAL SOLICITATION. 
(a) DEFINITIONS.—For purposes of this Act and the 
revision of rules required under this Act: 
(1) ANGEL
INVESTOR
GROUP.—The 
term 
‘‘angel investor group’’ means any group that— 
(A) is composed of accredited investors in-
terested in investing personal capital in early- 
stage companies; 
(B) holds regular meetings and has defined 
processes and procedures for making invest-
ment decisions, either individually or among the 
membership of the group as a whole; and 
(C) is neither associated nor affiliated with 
brokers, dealers, or investment advisers. 
(2) ISSUER.—The term ‘‘issuer’’ means an 
issuer that is a business, is not in bankruptcy or re-
ceivership, is not an investment company, and is not 
a blank check, blind pool, or shell company. 
(b) IN GENERAL.—Not later than 6 months after the 
date of enactment of this Act, the Securities and Ex-
change Commission shall revise Regulation D of its rules 
(17 CFR 230.500 et seq.) to require that in carrying out 
the prohibition against general solicitation or general ad-
vertising contained in section 230.502(c) of title 17, Code 
of Federal Regulations, the prohibition shall not apply to 
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a presentation or other communication made by or on be-
half of an issuer which is made at an event— 
(1) sponsored by— 
(A) the United States or any territory 
thereof, the District of Columbia, any State, a 
political subdivision of any State or territory, or 
any agency or public instrumentality of any of 
the foregoing; 
(B) a college, university, or other institu-
tion of higher education; 
(C) a nonprofit organization; 
(D) an angel investor group; 
(E) a venture forum, venture capital asso-
ciation, or trade association; or 
(F) any other group, person, or entity as 
the Securities and Exchange Commission may 
determine by rule; 
(2) where any advertising for the event does not 
reference any specific offering of securities by the 
issuer; 
(3) the sponsor of which— 
(A) 
does 
not 
make 
investment 
rec-
ommendations or provide investment advice to 
event attendees; 
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