Regulation A+: A Summary of the New Rules and a Survey of Its Use

On June 19, 2015, certain amendments to Regulation A under the Securities Act of 1933 (Securities Act) became effective. Regulation A as amended, which is commonly referred to as Regulation A+, provides nonreporting companies with an exemption from registration under the Securities Act for offerings of up to either $20 million in 12 months (a Tier 1 Offering) or $50 million in 12 months (a Tier 2 Offering). As of February 15, 2016, roughly 20 filings under Regulation A, as amended had been made, both publicly and confidentially, with the Securities and Exchange Commission. The filings we fairly evenly split between Tier 1 Offerings and Tier 2 Offerings.