HALOS Act of 2025

Bill: 119-hr-3352
Sponsor: Rep. Lawler, Michael [R-NY-17]
Introduced: 2025-05-13 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: 2025-05-13
text: 

Helping Angels Lead Our Startups Act of 2025 or the HALOS Act of 2025

This bill directs the Securities and Exchange Commission (SEC) to exempt presentations and communications (e.g., product demonstrations) made at certain events from advertising and solicitation restrictions under Regulation D. (Regulation D 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 does not apply to events 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 event sponsor does not provide investment recommendations 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 unsubscribed amount, and the intended use of proceeds from the offering.

Exempt events must involve participation by more than one issuer and must be sponsored by specified entity types, including 
angel investor groups
 unconnected to broker dealers or investment advisors. Such events generally may not be held in facilities owned or operated by a religious organization. If such an event is virtual, online participation must be limited to investors associated with the sponsor organization, accredited investors, or individuals invited to the event based on industry or investment experience. 


Legislative actions:
action_date: 2025-06-24
text: Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
action_date: 2025-06-23
text: Motion to reconsider laid on the table Agreed to without objection.
action_date: 2025-06-23
text: On motion to suspend the rules and pass the bill, as amended Agreed to by voice vote. (consideration: CR H2866-2867)
action_date: 2025-06-23
text: Passed/agreed to in House: On motion to suspend the rules and pass the bill, as amended Agreed to by voice vote. (consideration: CR H2866-2867)
action_date: 2025-06-23
text: DEBATE - The House proceeded with forty minutes of debate on H.R. 3352.
action_date: 2025-06-23
text: Considered under suspension of the rules. (consideration: CR H2866-2868)
action_date: 2025-06-23
text: Mrs. Wagner moved to suspend the rules and pass the bill, as amended.
action_date: 2025-06-03
text: Placed on the Union Calendar, Calendar No. 93.
action_date: 2025-06-03
text: Reported (Amended) by the Committee on Financial Services. H. Rept. 119-123.
action_date: 2025-06-03
text: Reported (Amended) by the Committee on Financial Services. H. Rept. 119-123.
action_date: 2025-05-20
text: Ordered to be Reported (Amended) by the Yeas and Nays: 50 - 1.
action_date: 2025-05-20
text: Committee Consideration and Mark-up Session Held
action_date: 2025-05-13
text: Referred to the House Committee on Financial Services.
action_date: 2025-05-13
text: Introduced in House
action_date: 2025-05-13
text: Introduced in House