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ARTICLE · 15 APRIL 2015

S.E.C. Adopts Final Rules Amending Regulation A

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On March 25, 2015, the Securities and Exchange Commission adopted final rules amending its Regulation A, i.e., the so-called "Regulation A+ Rules".

United StatesCorporate/Commercial Law
John Hempill
John Hempill
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On March 25, 2015, the Securities and Exchange Commission adopted final rules amending its Regulation A, i.e., the so-called "Regulation A+ Rules". Regulation A has been a little used provision in the securities laws due to, among other shortcomings, the limit on offering size to $5 million in any 12-month period and the requirement that these offerings be cleared not just by the SEC but any state in which an issuer was planning to offer and sell the securities. From 2012 to 2014, there were only 26 Regulation A offerings. Instead, private companies have relied heavily on Rule 506 of Regulation D, which offers no cap on the amount that can be raised and federal preemption of state securities laws.

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