Financial Services Committee, Banking, Housing, and Urban Affairs Committee
Introduced
In Committee
On Floor
Passed Chamber
Enacted
This bill mandates the Securities and Exchange Commission (SEC) to revise Regulation D within six months of enactment, specifically concerning the prohibition against general solicitation or general advertising. The revision will ensure that this prohibition does not apply to presentations or other communications made by or on behalf of an issuer at certain events. The primary goal is to facilitate early-stage companies' ability to discuss potential securities offerings with investors under controlled circumstances, without triggering general solicitation rules. These exempt events must be sponsored by specific entities, including government bodies, educational institutions, nonprofit organizations, angel investor groups , incubators, or venture forums. Strict conditions apply to these events: advertising cannot reference specific offerings, and sponsors are prohibited from providing investment advice, engaging in investment negotiations, or receiving compensation for introductions. Issuers at these events may only communicate limited information about an offering, such as its existence, type, amount, and intended use of proceeds, and attendance alone does not establish a pre-existing substantive relationship for Rule 506(b) purposes.
Administrative law and regulatory proceduresBusiness investment and capitalFinancial services and investmentsHigher educationMarketing and advertisingSecuritiesSecurities and Exchange Commission (SEC)Social work, volunteer service, charitable organizations
HALOS Act of 2025
USA119th CongressHR-3352| House
| Updated: 6/24/2025
This bill mandates the Securities and Exchange Commission (SEC) to revise Regulation D within six months of enactment, specifically concerning the prohibition against general solicitation or general advertising. The revision will ensure that this prohibition does not apply to presentations or other communications made by or on behalf of an issuer at certain events. The primary goal is to facilitate early-stage companies' ability to discuss potential securities offerings with investors under controlled circumstances, without triggering general solicitation rules. These exempt events must be sponsored by specific entities, including government bodies, educational institutions, nonprofit organizations, angel investor groups , incubators, or venture forums. Strict conditions apply to these events: advertising cannot reference specific offerings, and sponsors are prohibited from providing investment advice, engaging in investment negotiations, or receiving compensation for introductions. Issuers at these events may only communicate limited information about an offering, such as its existence, type, amount, and intended use of proceeds, and attendance alone does not establish a pre-existing substantive relationship for Rule 506(b) purposes.
Financial Services Committee, Banking, Housing, and Urban Affairs Committee
Finance and Financial Sector
Introduced
In Committee
On Floor
Passed Chamber
Enacted
Administrative law and regulatory proceduresBusiness investment and capitalFinancial services and investmentsHigher educationMarketing and advertisingSecuritiesSecurities and Exchange Commission (SEC)Social work, volunteer service, charitable organizations