HALOS Act of 2023

Hozzl · 2023-12-15T16:09:35Z

Explore the details of Senate Bill 3298 HALOS Act of 2023 currently in Congress. Get insights into its purpose, current status, sponsors, and potential impact on Finance and Financial Sector. Stay informed on legislative developments.

12/15/2023, 4:09 PM

Summary of Bill S 3298

The HALOS Act of 2023, also known as Bill 118 s 3298, is a piece of legislation introduced in the US Congress aimed at promoting small business growth and entrepreneurship. The bill seeks to amend the Securities Act of 1933 to provide for an exemption from the registration requirements for certain events known as "demo days" or "pitch events" where entrepreneurs can present their business ideas to potential investors.

Under the HALOS Act, these demo days would be exempt from the registration requirements of the Securities Act as long as certain conditions are met, such as the event being sponsored by a college, university, nonprofit organization, or government entity. This exemption is intended to make it easier for small businesses to connect with investors and raise capital without the burden of costly and time-consuming registration requirements.

The bill also includes provisions to protect investors by requiring that the entrepreneurs participating in these demo days provide certain disclosures about their business and the risks involved. Additionally, the HALOS Act prohibits fraudulent or deceptive practices in connection with these events to ensure that investors are not misled. Overall, the HALOS Act of 2023 aims to support small business growth and innovation by streamlining the process for connecting entrepreneurs with investors while also protecting investors from potential fraud.

Read the Full Bill

Formatted Text PDF Formatted XML

Current Status of Bill S 3298

Bill S 3298 is currently in the status of Bill Introduced since November 14, 2023. Bill S 3298 was introduced during Congress 118 and was introduced to the Senate on November 14, 2023. Bill S 3298's most recent activity was Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. as of November 14, 2023

Bipartisan Support of Bill S 3298

Total Number of Sponsors

Democrat Sponsors

Republican Sponsors

Unaffiliated Sponsors

Total Number of Cosponsors

Democrat Cosponsors

Republican Cosponsors

Unaffiliated Cosponsors

Policy Area and Potential Impact of Bill S 3298

Primary Policy Focus

Finance and Financial Sector

Alternate Title(s) of Bill S 3298

HALOS Act of 2023HALOS Act of 2023Helping Angels Lead Our Startups Act of 2023A bill to require the Securities and Exchange Commission to revise the rules of the Commission relating to general solicitation or general advertising, and for other purposes.

Start holding our government accountable!