HALOS Act of 2025

Allow issuer pitches at investor events

This bill would require the SEC to update Regulation D within six months so issuers could present at certain investor events without being treated as a general solicitation. Events would have to be run by approved sponsors, such as States, colleges, nonprofits, angel investor groups, incubators, and venture forums. Sponsors would not be allowed to advertise a specific offering, give investment advice, take commissions for introductions, or charge more than reasonable administrative fees. Sponsors would have to give attendees a one-page risk disclosure, as the SEC would require. Issuers could only state basic offering facts, like that they plan to offer securities, the type and amount, how much is subscribed, and the intended use of proceeds. The bill would define which businesses count as issuers and would define "angel investor group." Attendance alone would not create a pre-existing relationship for exemption rules. The change would apply only to presentations and communications, not to purchases or sales.