H.R. 3352 · 119th Congress
HALOS Act of 2025
Status: Passed House
- Introduced (done)
- Committee (done)
- Passed House (current)
- Passed Senate
- To President
- Law
Latest action
: Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Summary
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.
Summary by the Congressional Research Service.
Actions
- Senate
Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
- House
Motion to reconsider laid on the table Agreed to without objection.
- House
On motion to suspend the rules and pass the bill, as amended Agreed to by voice vote. (consideration: CR H2866-2867)
- House
DEBATE - The House proceeded with forty minutes of debate on H.R. 3352.
- House
Considered under suspension of the rules. (consideration: CR H2866-2868)
- House
Mrs. Wagner moved to suspend the rules and pass the bill, as amended.
- House
Placed on the Union Calendar, Calendar No. 93.
- House
Reported (Amended) by the Committee on Financial Services. H. Rept. 119-123.
- House
Ordered to be Reported (Amended) by the Yeas and Nays: 50 - 1.
- House
Committee Consideration and Mark-up Session Held
- House
Referred to the House Committee on Financial Services.
Introduced in House