Securities regulation in the US, securities registration, registration exemptions
- Relevant questions addressed
What is Regulation A?
- Summary bullet points
- Regulation A is an exemption from registration for public offerings.
- Two tiers
- Tier 1 up to $20 million
- Tier 2 up to $50 million
- Some restrictions are common to both tiers (company eligibility requirements, bad actor disqualification provisions, disclosure, and other matters.)
- Tier 2 is more restrictive
- includes limitations on the amount of money a non-accredited investor may invest in a Tier 2 offering,
- requirements for audited financial statements and the filing of ongoing reports.
- Issuers in Tier 2 offerings are not required to register or qualify their offerings with state securities regulators.
- Follow-up links