17 CFR 230.251-263SECactive
Regulation A — Small Issue Exemption
Plain English Summary
Provides a streamlined exemption for small and medium-sized public offerings up to $75 million.
CFR Title
17
CFR Part
230
Effective Date
Jun 19, 2015
Jurisdiction
US
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.
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