Changes

(Sec. 3) This bill directs the Securities and Exchange Commission (SEC) to amend Regulation D (governing the limited offer and sale of securities without registration under the Securities Act of 1933) to make the prohibition against general solicitation or general advertising inapplicable to events with specified kinds of sponsors (including angel investor groups not connected to broker-dealers or investment advisers) where:*presentations or communications are made by or on behalf of an issuer,*the advertising does not refer to any specific offering of securities by the issuer,*the sponsor does not engage in certain activities (such as offering investment recommendations or advice to attendees),*the sponsor does not receive compensation for the event which would require registration as a broker or dealer or as an investment advisor, and*no specific information regarding a securities offering is communicated (other than that the issuer is in the process of offering or planning to offer securities, including the type and amount of securities being offered).