Sponsors (2)
The bill expands in-person solicitation opportunities that make it easier for startups to access accredited investors and improves event disclosures and sponsor conduct, but it raises investor-protection concerns by allowing limited offering information at events and potentially admitting less-vetted issuers while imposing a tight SEC rulemaking deadline.
Early-stage entrepreneurs (small-business owners) can pitch at accredited-investor events without losing Reg D exemptions, making it easier to raise seed and growth capital.
Accredited investors and financial intermediaries gain structured, in-person access to vetted early-stage investment opportunities through sponsored events, improving deal flow and networking.
Event attendees (investors and issuers) receive a one-page SEC-prescribed disclosure about the event and investment risks, increasing transparency and investor awareness at events.
Accredited investors may be provided only limited offering information at events (no detailed deal terms), which can impair their ability to fully evaluate investments on the spot.
Expanding permissible solicitation at these events could let less-vetted or riskier issuers gain easier access to accredited investors, increasing fraud and investor-protection risks.
Requiring the SEC to finalize related rule changes within six months could strain agency resources and compress the rulemaking process, risking rushed guidance or implementation delays elsewhere.
Based on analysis of 2 sections of legislative text.
Introduced December 4, 2025 by John Peter Ricketts · Last progress December 4, 2025
Requires the Securities and Exchange Commission to change Regulation D within six months so that communications or presentations by or for an issuer at certain qualifying events are not treated as prohibited general solicitation, subject to detailed limits on sponsors, venues, fees, and what issuers may say. The rule includes definitions for "angel investor group" and "issuer," prescribes sponsor conduct and disclosure requirements, restricts venue and advertising, limits issuer statements at the event, and clarifies that mere attendance does not create a pre-existing substantive relationship for certain private offering rules.