As amended, Regulation A now provides an exemption from registration for certain issuers offering up to US$50 million of securities in a 12-month period.

On March 25, 2015, the Securities and Exchange Commission (SEC) adopted final amendments to Regulation A under the Securities Act of 1933 (the Securities Act).1 The amended Regulation A, often called Regulation A+, updates and expands the prior exemption from registration under Regulation A in response to the mandate under Title IV of the Jumpstart Our Business Startups (JOBS) Act. Historically, Regulation A offerings have been rare. For example, only seven Regulation A offerings occurred in 2010 and 2011 combined, as compared to 15,711 Regulation D offerings during that same period.2 Regulation A+ is intended to increase the utility of the historically seldom-used Regulation A exemption.

Regulation A+ provides for two tiers of offerings that are exempt from the ordinary registration requirements of the Securities Act.