Regulation A

On March 25, 2015, the SEC expanded Regulation A, an existing exemption from registration for smaller issuers of securities.

The updated exemption will enable smaller companies to offer and sell up to $50 million of securities in a 12-month period, subject to eligibility, disclosure and reporting requirements.

The final rules, often referred to as Regulation A+, provide for two tiers of offerings: Tier 1, for offerings of securities of up to $20 million in a 12-month period, with not more than $6 million in offers by selling security-holders that are affiliates of the issuer; and Tier 2, for offerings of securities of up to $50 million in a 12-month period, with not more than $15 million in offers by selling security-holders that are affiliates of the issuer. Both Tiers are subject to certain basic requirements while Tier 2 offerings are also subject to additional disclosure and ongoing reporting requirements.

Source: SEC Adopts Rules to Facilitate Smaller Companies’ Access to Capital

Regulation A Information from the SEC Website

Regulation A Offering Statement General Instructions (Form 1-A): Regulation A Offering Statement (PDF)
Current Report General Instructions (Form 1-U): Current Report Pursuant to Regulation A (PDF)
Semiannual Report General Instructions (Form 1-SA): Semiannual Report or Special Financial Report Pursuant to Regulation A (PDF)
Annual Report General Instructions (Form 1-K): Annual Reports and Special Financial Reports (PDF)

Source: SEC.gov | Forms List

Types of Filings Under Regulation A


Draft Submissions

DOS: Non-public draft offering statement under Regulation A
DOS/A: Non-public draft pre-qualification amendment for offering statement under Regulation A
DOSLTR: Draft Offering Statement Letter

Regulation A Offering Statements and Circulars

1-A: Offering statement under Regulation A
1-A/A: Pre-qualification amendment for offering statement under Regulation A
1-A POS: Post-qualification amendment to a 1-A offering statement
1-A-W: Withdrawal of offering statement under Regulation A
1-A-W/A: Amendment to a withdrawal of offering statement under Regulation A
253G1: Reflects information previously omitted from the offering circular in reliance on Rule 253(b)
253G2: Reflects information that constitutes a substantive change from or addition to the information set forth in the last offering circular.
253G3: Reflects information covered in both 253G1 and 253G2.
253G4: Reflects information covered in 253G1, 253G2 or 253G3 that is not being timely filed.

Regulation A Ongoing Reports

1-K: Annual Report Pursuant to Regulation A
1-K/A: Amendment to Annual Report Pursuant to Regulation A
1-SA: Semiannual Report Pursuant to Regulation A
1-SA/A: Amendment to Semiannual Report Pursuant to Regulation A
1-U: Current Report pursuant to Regulation A
1-U/A: Amendment to Current Report pursuant to Regulation A
1-Z: Exit Report under Regulation A
1-Z/A: Amendment to Exit Report under Regulation A
1-Z-W: Withdrawal of Exit Report under Regulation A
1-Z-W/A: Amendment to a withdrawal of Exit Report under Regulation A