Regulation A

Tier 1

• General solicitation allowed
• Raise up to $20 million
  in any 12-month period, including no more than $6 million on behalf of selling securityholders that are affiliates of the issuer
• Requires qualification by SEC and state securities regulators

Tier 2

• General solicitation allowed
• Raise up to $75 million
  in any 12-month period, including no more than $22.5 million on behalf of selling securityholders that are affiliates of the issuer
• Requires qualification by SEC only (not state)
• Investors must be accredited, or are limited to to no more than 10% of annual income or net worth
• Additional reporting required (annual and semi-annual)

Futher Reading

• SEC Harmonizes and Improves “Patchwork” Exempt Offering Framework (SEC, 11/2/20)
• Title 17, Chapter 2, Part 230: General Rules and Regulations (eCFR)

Links

• Funds411 Regulatory Exemption Support