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U.GOVERNMENT
INFORMATION .
118TH CONGRESS REPORT
1st Session HOUSE OF REPRESENTATIVES 118-310
HELPING ANGELS LEAD OUR STARTUPS ACT OF 2023
DECEMBER 12, 2023.-Committed to the Committee of the Whole House on the State
of the Union and ordered to be printed
Mr. MCHENRY, from the Committee on Financial Services,
submitted the following
R E P O R T
[To accompany H.R. 1553]
[Including cost estimate of the Congressional Budget Office]
The Committee on Financial Services, to whom was referred the
bill (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, hav-
ing considered the same, reports favorably thereon with an amend-
ment and recommends that the bill as amended do pass.
The amendment is as follows:
Strike all after the enacting clause and insert the following:
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.
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 interested in investing personal
capital in early-stage companies;
(B) holds regular meetings and has defined processes and procedures for
making investment decisions, either individually or among the membership
of the group as a whole; and
(C) is neither associated nor affiliated with brokers, dealers, or invest-
ment advisers.
(2) ISSUER.-The term issuer means an issuer that is a business, is not in
bankruptcy or receivership, 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 Exchange Commission shall revise Regulation D (17 CFR 230.500
et seq.) to require that in carrying out the prohibition against general solicitation
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