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H. Rept. 114-509 1 (2016-04-19)

handle is hein.congrecreports/crptxrmg0001 and id is 1 raw text is: AUT-ENTICATED US. GOVERNMENT INFORMATION GP 114TH CONGRESS REPORT 2d Session HOUSE OF REPRESENTATIVES 114-509 HELPING ANGELS LEAD OUR STARTUPS ACT APRIL 19, 2016.-Committed to the Committee of the Whole House on the State of the Union and ordered to be printed Mr. HENSARLING, from the Committee on Financial Services, submitted the following REPORT together with MINORITY VIEWS [To accompany H.R. 4498] [Including cost estimate of the Congressional Budget Office] The Committee on Financial Services, to whom was referred the bill (H.R. 4498) to clarify the definition of general solicitation under Federal securities law, having considered the same, report favor- ably thereon without amendment and recommend that the bill do pass. PURPOSE AND SUMMARY Introduced on February 9, 2016, by Representatives Chabot, Hurt, Sinema and Takai, H.R. 4498 the, Helping Angels Lead Our Startups (HALOS) Act builds on the success of the bipartisan Jumpstart Our Business Startups (JOBS) Act (Pub. L. No. 112- 106). The HALOS Act furthers the JOBS Act's mission to promote access to investment capital for small companies and ensure that startups can continue to connect with angel investors. H.R. 4498 defines an angel investor for purposes of the Federal securities laws and clarifies the definition of general solicitation contained in the Securities Act of 1933 (Securities Act) to ensure that startups have the opportunity and ability to discuss their products and busi- ness plans at certain events, known as demo days where there is no specific investment offering. 59-006

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