HALOS Act
Latest action · Apr 28, 2016 Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Progress
Where this bill reached, and when. A stage with no date was not reached; one that failed a vote and later carried shows the date it carried.
- IntroducedFeb 9, 2016
- Passed HouseApr 27, 2016
- Passed SenateNot reached
- To the PresidentNot reached
- Became lawNot reached
Summary
(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:
- 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.
Recorded votes 2
Newest first. Open one to see how every member voted.
| Roll call | Question | Result | Date |
|---|---|---|---|
| House 171 | On Passage | Passed325–89 | Apr 27, 2016 |
| House 170 | On Agreeing to the Amendment | Failed139–272 | Apr 27, 2016 |
Cosponsors 11
Members who signed on, in the order they did. Signatures ran from Feb 9, 2016 to Apr 18, 2016; 3 are original cosponsors, there from the day it was introduced.
| Seat | Cosponsor | Signed on | |
|---|---|---|---|
| I-AZ | Kyrsten Sinema | Original | Feb 9, 2016 |
| D-HI | Mark Takai | Original | Feb 9, 2016 |
| R-VA | Robert Hurt | Original | Feb 9, 2016 |
| R-FL | Carlos Curbelo | Feb 11, 2016 | |
| R-MO | Ann Wagner | Apr 14, 2016 | |
| R-PA | Ryan A. Costello | Apr 15, 2016 | |
| R-KY | Andy Barr | Apr 18, 2016 | |
| D-CO | Jared Polis | Apr 18, 2016 | |
| D-MD | John K. Delaney | Apr 18, 2016 | |
| R-TX | Pete Sessions | Apr 18, 2016 | |
| R-IL | Randy Hultgren | Apr 18, 2016 |
Committees 2
Where it was sent and what each committee and subcommittee did with it, in order.
| Chamber | Committee | What it did |
|---|---|---|
| House | Financial Services Committee | Referred Feb 9, 2016Markup Mar 2, 2016Reported Apr 19, 2016 |
| Capital Markets Subcommittee | Hearings Dec 2, 2015 | |
| Senate | Banking, Housing, and Urban Affairs Committee | Referred Apr 28, 2016 |
Actions 16
Everything that happened, newest first.
- Apr 28, 2016Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
- Apr 27, 2016Rule H. Res. 701 passed House.
- Apr 27, 2016Considered under the provisions of rule H. Res. 701. (consideration: CR H2037-2046)
- Apr 27, 2016Rule 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.
- Apr 27, 2016DEBATE - The House proceeded with one hour of debate on H.R. 4498.
- Apr 27, 2016DEBATE - Pursuant to the provisions of H.Res. 701, the House proceeded with 10 minutes of debate on the Waters amendment.
- Apr 27, 2016Passed/agreed to in House: On passage Passed by the Yeas and Nays: 325 - 89 (Roll no. 171). (text: CR H2037-2038)
- Apr 27, 2016Motion to reconsider laid on the table Agreed to without objection.
- Apr 26, 2016Rules 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.
- Apr 19, 2016Reported by the Committee on Financial Services. H. Rept. 114-509.
- Apr 19, 2016Placed on the Union Calendar, Calendar No. 389.
- Mar 2, 2016Committee Consideration and Mark-up Session Held.
- Mar 2, 2016Ordered to be Reported by the Yeas and Nays: 44 - 13.
- Feb 9, 2016Introduced in House
- Feb 9, 2016Referred to the House Committee on Financial Services.
- Dec 2, 2015Hearings Held by the Subcommittee on Capital Markets and Government Sponsored Enterprises Prior to Introduction and Referral.
In the Congressional Record 5
Days the Record’s own index lists this bill, newest first, with the pages and the members it names. Pages starting H are the House, S the Senate, E Extensions of Remarks.
| Where | In the Record | Members | Date |
|---|---|---|---|
| House | Debate and remarks H2008–H2014, H2037–H2046Text printed H2008, H2037Amendments H2013, H2044Recorded votes H2036, H2037, H2045, H2046consideration (H. Res. 701), previous questionenactWaters amendment (limit the types of fees demo day sponsors can collect, limit attendance at demo days, and require an issuer to be a real business) | Ann Wagner R-MO, Bill Huizenga R-MI, David Schweikert R-AZ, James P. McGovern D-MA (amendment), Jared Polis D-CO, Jeb Hensarling R-TX, Kevin McCarthy R-CA, Kyrsten Sinema I-AZ, Maxine Waters D-CA (amendment), Nita M. Lowey D-NY, Pete Sessions R-TX, Randy Hultgren R-IL, Robert Hurt R-VA, Rosa L. DeLauro D-CT, Ryan A. Costello R-PA, Scott Garrett R-NJ, Steve Chabot R-OH | Apr 27, 2016 |
| House | Declaratory Statements H1997 | — | Apr 26, 2016 |
| House | Debate and remarks H1912 | Kevin McCarthy R-CA | Apr 21, 2016 |
| House | Debate and remarks H1876 | Pete Sessions R-TX | Apr 20, 2016 |
| House | Lists H650H.R. 4498–4513 | — | Feb 9, 2016 |
Research
What has been written about this bill: committee reports, cost estimates, the sponsor’s authority statement, printed hearings and the Congressional Research Service’s work.
Committee report
Congressional Budget Office cost estimate
- Apr 18, 2016H.R. 4498, Helping Angels Lead Our Startups ActAs ordered reported by the House Committee on Financial Services on March 2, 2016
Constitutional authority
The sponsor’s statement, as printed in the Congressional Record, vol. 162, no. 23, February 9, 2016, page H650.
CRS reports 2
Congressional Research Service work that CRS links to this bill or the law it became, newest first.
Cite it 2
Products on other subjects that cite it, usually among other measures.
| Product | Title | Kind | Published |
|---|---|---|---|
| R45308 | JOBS and Investor Confidence Act (House-Amended S. 488): Capital Markets Provisions Archived | Report | Sep 7, 2018 |
| IN10632 | H.R. 79, Section 452 of H.R. 10, and Section 913 of H.R. 3280: Helping Angels Lead Our Startups Archived | Insight | Aug 22, 2017 |
Amendments 1
Amendments offered to this bill.
| Amendment | Description | Offered by | Status |
|---|---|---|---|
| HAmdt 982 | Amendment sought to stipulate that no sponsor of a demo day can collect finders' fees for connecting investors to companies; sought to limit the relief offered under the bill to actual operating companies in the "real economy"; and sought to codify the relief the SEC has already provided for angel investor groups as it relates to demo days. | Maxine Waters D-CA | On agreeing to the Waters, Maxine amendment (A001) Failed by the Yeas and Nays: 139 - 272 (Roll no. 170). |
Related bills 4
Companion bills and other measures the record links to this one.
| Bill | Title | Relationship | Latest action |
|---|---|---|---|
| HR 79 | HALOS Act | Reintroduced Bill | Jan 11, 2017 |
| HRES 701 | Providing for consideration of the bill (H.R. 4498) to clarify the definition of general solicitation under Federal securities law. | Procedurally related | Apr 27, 2016 |
| S 978 | HALOS Act | Related bill | Apr 16, 2015 |
| HR 5983 | Financial CHOICE Act of 2016 | Related bill | Dec 20, 2016 |
Titles 7
Every title it has carried, official and short, at each stage.
- Official Title as Introduced
- To clarify the definition of general solicitation under Federal securities law.
- Short Titles as Introduced
- HALOS Act
- Helping Angels Lead Our Startups Act
- Short Titles as Reported to House
- HALOS Act
- Helping Angels Lead Our Startups Act
- Short Titles as Passed House
- Helping Angels Lead Our Startups Act
- HALOS Act
Subjects
Assigned by the Library of Congress. Policy area: Finance and Financial Sector.
Text 4
Each version as it was printed, newest first.
- Apr 28, 2016Referred in Senate
- Apr 27, 2016Engrossed in House
- Apr 19, 2016Reported in House
- Feb 9, 2016Introduced in House
Everything here is as published by Congress: the summary is the Congressional Research Service's, the action wording is the clerks', and the subjects are the Library of Congress's. How far it got is read from the actions themselves, taking the most recent one of each kind, so a bill that failed a vote and later passed is shown as having passed. Records come from this bill on Congress.gov and govinfo.gov; cost estimates are the Congressional Budget Office's, and the hearings are the printed hearings GovInfo publishes, which can appear months after the hearing.
