On March 25, 2015, the U.S. Securities and Exchange Commission
(SEC) adopted final rules amending Regulation A under the
Securities Act of 1933.1 Regulation A, as amended (which
is referred to as "Regulation A+"), is designed to
increase access to capital for nonpublic companies and implement
Title IV of the JOBS Act, which directed the SEC to adopt rules
adding an exemption from the registration requirements of the
Securities Act for offerings of up to $50 million within a 12-month
period.
The final rules will become effective 60 days after publication
in the Federal Register.
Background
Regulation A, as currently in effect, provides an exemption from
the registration requirements of Section 5 of the Securities Act
for "public" offerings of securities by non-SEC-reporting
U.S. and Canadian companies up to $5 million in any 12-month
period. The current Regulation A exemption requires that a company
file with the SEC an offering statement, which consists mainly
