PlainBillCongress, translated.Legislation. Context. Public interest.Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Congressional Research Service
Version 81 · Passed House without amendment · Apr 27, 2016
(This measure has not been amended since it was introduced. The expanded summary of the House reported version is repeated here.)
Helping Angels Lead Our Startups Act or the HALOS Act
(Sec. 3) This bill directs the Securities and Exchange Commission (SEC) to amend Regulation D (governing the limited offer and sale of securities without registration under the Securities Act of 1933) to make the prohibition against general solicitation or general advertising inapplicable to events with specified kinds of sponsors (including angel investor groups not connected to broker-dealers or investment advisers) where:
Showing the opening paragraphs of the official summary.
presentations or communications are made by or on behalf of an issuer,
the advertising does not refer to any specific offering of securities by the issuer,
the sponsor does not engage in certain activities (such as offering investment recommendations or advice to attendees),
the sponsor does not receive compensation for the event which would require registration as a broker or dealer or as an investment advisor, and
no specific information regarding a securities offering is communicated (other than that the issuer is in the process of offering or planning to offer securities, including the type and amount of securities being offered).
This bill may only be construed as requiring the SEC to amend Regulation D with respect to presentations and communications, and not with respect to purchases or sales.
People & committees
Rep. Chabot, Steve [R-OH-1] · R–OH
Legislative record
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Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Motion to reconsider laid on the table Agreed to without objection.
On passage Passed by the Yeas and Nays: 325 - 89 (Roll no. 171). (text: CR H2037-2038)
House roll call 171 · Individual votesPassed/agreed to in House: On passage Passed by the Yeas and Nays: 325 - 89 (Roll no. 171).(text: CR H2037-2038)
House roll call 171 · Individual votesDEBATE - Pursuant to the provisions of H.Res. 701, the House proceeded with 10 minutes of debate on the Waters amendment.
DEBATE - The House proceeded with one hour of debate on H.R. 4498.
Rule provides for consideration of H.R. 4498 with 1 hour of general debate. Previous question shall be considered as ordered without intervening motions except motion to recommit with or without instructions. Measure will be considered read. A specified amendment is in order.
Considered under the provisions of rule H. Res. 701. (consideration: CR H2037-2046)
Rule H. Res. 701 passed House.
Rules Committee Resolution H. Res. 701 Reported to House. Rule provides for consideration of H.R. 4498 with 1 hour of general debate. Previous question shall be considered as ordered without intervening motions except motion to recommit with or without instructions. Measure will be considered read. A specified amendment is in order.
Placed on the Union Calendar, Calendar No. 389.
Reported by the Committee on Financial Services. H. Rept. 114-509.
Reported by the Committee on Financial Services. H. Rept. 114-509.
Ordered to be Reported by the Yeas and Nays: 44 - 13.
Committee Consideration and Mark-up Session Held.
Referred to the House Committee on Financial Services.
Introduced in House
Introduced in House
Hearings Held by the Subcommittee on Capital Markets and Government Sponsored Enterprises Prior to Introduction and Referral.
Primary sources
Text links open the official source. We currently store references to these documents.
Source last updated: Apr 7, 2025. Consult Congress.gov for the current record.
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Analyze H.R.4498 as objectively as possible. Explain its main provisions, who would be affected, possible benefits and harms, implementation, exceptions, and uncertainties. Present the strongest arguments for and against it, and identify evidence needed to assess its public impact.
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