Regulation A — Small Issue Exemption
Plain English Summary
Provides a streamlined exemption for small and medium-sized public offerings up to $75 million.
Full Text
Regulation A provides an exemption from registration for smaller public offerings. Tier 1 allows offerings up to $20 million in a 12-month period, while Tier 2 allows offerings up to $75 million. Tier 2 offerings require audited financial statements and ongoing reporting.
Securities sold under Regulation A are freely tradeable and not restricted. Issuers must file an offering statement with the SEC and may test the waters to gauge investor interest before filing.
This is legal information, not legal advice. Laws vary by jurisdiction and change frequently. Always verify current law with official sources and consult a licensed attorney in your jurisdiction for advice on your specific situation.