HALOS Act of 2025

This bill would require the Securities and Exchange Commission (SEC) to change its Regulation D rules within 6 months so that the ban on general solicitation or advertising of private securities offerings does not apply to presentations by businesses at certain events. Covered events include those sponsored by governments, Indian Tribes, colleges, nonprofits, angel investor groups, incubators or accelerators, venture forums, and trade associations. To qualify, event sponsors could not give investment advice, take part in negotiations, charge more than reasonable administrative fees, or be paid for introductions, and they would have to provide a one-page risk disclosure. Businesses could share only limited offering details, such as the type and amount of securities and how the money would be used. Attending such an event would not, by itself, count as a pre-existing relationship between a business and an investor.

Full text and official record on Congress.gov

Sponsors

• Pete Ricketts Republican sponsor
• 1 cosponsors