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114th Congress   }                                      {       Report
                        HOUSE OF REPRESENTATIVES
 2d Session      }                                      {      114-530

======================================================================



 
  PROVIDING FOR CONSIDERATION OF THE BILL (H.R. 4498) TO CLARIFY THE 
    DEFINITION OF GENERAL SOLICITATION UNDER FEDERAL SECURITIES LAW

                                _______
                                

   April 26, 2016.--Referred to the House Calendar and ordered to be 
                                printed

                                _______
                                

              Mr. Sessions, from the Committee on Rules, 
                        submitted the following

                              R E P O R T

                       [To accompany H. Res. 701]

    The Committee on Rules, having had under consideration 
House Resolution 701, by a nonrecord vote, report the same to 
the House with the recommendation that the resolution be 
adopted.

                SUMMARY OF PROVISIONS OF THE RESOLUTION

    The resolution provides for consideration of H.R. 4498, the 
HALOS Act, under a structured rule. The resolution provides one 
hour of debate equally divided and controlled by the chair and 
ranking minority member of the Committee on Financial Services. 
The resolution waives all points of order against consideration 
of the bill. The resolution provides that the bill shall be 
considered as read. The resolution waives all points of order 
against provisions in the bill. The resolution makes in order 
only the amendment printed in this report, if offered by the 
Member designated in this report, which shall be considered as 
read, shall be debatable for the time specified in this report 
equally divided and controlled by the proponent and an 
opponent, shall not be subject to amendment, and shall not be 
subject to a demand for division of the question. The 
resolution waives all points of order against the amendment 
printed in this report. The resolution provides one motion to 
recommit with or without instructions.

                         EXPLANATION OF WAIVERS

    Although the resolution waives all points of order against 
consideration of the bill, the Committee is not aware of any 
points of order. The waiver is prophylactic in nature.
    Although the resolution waives all points of order against 
provisions in the bill, the Committee is not aware of any 
points of order. The waiver is prophylactic in nature.
    Although the resolution waives all points of order against 
the amendment printed in this report, the Committee is not 
aware of any points of order. The waiver is prophylactic in 
nature.

                 SUMMARY OF THE AMENDMENT MADE IN ORDER

    1. Waters (CA): Limits the types of fees ``demo day'' 
sponsors can collect, limits attendance at ``demo days''' to 
only individuals with financial sophistication, and requires an 
issuer to be a real business. (10 minutes)

                    TEXT OF AMENDMENT MADE IN ORDER

1. An Amendment To Be Offered by Representative Waters of California or 
                 Her Designee, Debatable for 10 Minutes

  Page 5, line 5, strike ``and''.
  Page 5, after line 5, insert the following:
                  (D) does not receive any compensation for 
                making introductions between investors 
                attending the event and issuers, or for 
                investment negotiations between such parties; 
                and
  Page 5, line 6, strike ``(D)'' and insert ``(E)''.
  Page 5, line 11, strike ``and''.
  Page 5, line 23, strike the period and insert ``; and''.
  Page 5, after line 23, insert the following:
          (5) where attendance to the event is limited to 
        members of an angel investor group or to accredited 
        investors.
  At the end of the bill, insert the following:
  (c) Definition of Issuer.--For purposes of this section and 
the revision of rules required under this section, the term 
``issuer'' means an issuer that is in day-to-day operations as 
a business, is not in bankruptcy or receivership, is not an 
investment company, and is not a blank check, blind pool, or 
shell company.

                                  [all]