HALOS Act of 2023

Bill: 118-hr-1553
Sponsor: Rep. Lawler, Michael [R-NY-17]
Introduced: 2023-03-10 in the House
Policy area: Finance and Financial Sector
Subjects: Administrative law and regulatory procedures
Business investment and capital
Financial services and investments
Higher education
Marketing and advertising
Securities
Securities and Exchange Commission (SEC)
Social work, volunteer service, charitable organizations

Summary:
action_date: 2023-03-10
text: 

Helping Angels Lead Our Startups Act of 2023 or the HALOS Act of 2023

 
This bill directs the Securities and Exchange Commission (SEC) to revise Regulation D, which exempts certain securities offerings from SEC registration requirements but prohibits general solicitation or general advertising with respect to such offerings. Under the bill, this prohibition shall not apply to events with specified kinds of sponsors&#8212;including 
angel investor groups
 unconnected to broker-dealers or investment advisers&#8212;where presentations or communications are made by or on behalf of an issuer, if
 
 
the advertising does not refer to any specific offering of securities by the issuer; 
 
the sponsor does not provide investment recommendation or advice to attendees, engage in investment negotiations with attendees, charge certain fees, or receive certain compensation; and 
 
no specific information regarding a securities offering is communicated beyond the type and amount of securities being offered, the amount of securities already subscribed for, and the intended use of proceeds from the offering.

 In addition, the SEC is prohibited from requiring additional filings for a general solicitation or general advertising of a Regulation D security.
action_date: 2023-12-12
text: 

Helping Angels Lead Our Startups Act of 2023 or the HALOS Act of 2023

This bill directs the Securities and Exchange Commission (SEC) to revise Regulation D, which exempts certain securities offerings from SEC registration requirements but prohibits general solicitation or general advertising with respect to such offerings. Under the bill, this prohibition shall not apply to events with specified kinds of sponsors—including 
angel investor groups
 unconnected to broker-dealers or investment advisers—where presentations or communications are made by or on behalf of an issuer, if

the advertising does not refer to any specific offering of securities by the issuer;

the sponsor does not provide investment recommendation or advice to attendees, engage in investment negotiations with attendees, charge certain fees, or receive certain compensation; and

no specific information regarding a securities offering is communicated beyond the type and amount of securities being offered, the amount of securities already subscribed for, and the intended use of proceeds from the offering.



Legislative actions:
action_date: 2023-12-12
text: Placed on the Union Calendar, Calendar No. 250.
action_date: 2023-12-12
text: Reported (Amended) by the Committee on Financial Services. H. Rept. 118-310.
action_date: 2023-12-12
text: Reported (Amended) by the Committee on Financial Services. H. Rept. 118-310.
action_date: 2023-05-24
text: Ordered to be Reported in the Nature of a Substitute (Amended) by the Yeas and Nays: 35 - 12.
action_date: 2023-05-24
text: Committee Consideration and Mark-up Session Held
action_date: 2023-03-10
text: Referred to the House Committee on Financial Services.
action_date: 2023-03-10
text: Introduced in House
action_date: 2023-03-10
text: Introduced in House