Regulation A+; An In-Depth Overview

On March 25, 2015, the SEC released final rules amending Regulation A. The new rules are commonly referred to as Regulation A+.  The existing Tier I Regulation A, which does not preempt state law, has been increased to $20 million and the new Tier 2, which does preempt state law, allows a raise of up to $50 million.  Issuers may elect to proceed under either Tier I or Tier 2 for offerings up to $20 million.  The new rules are expected to be effective on or near June 19, 2015.

On March 31, 2015, I published a blog with a high-level summary of the new rules.  In this blog, I will give a deeper review of the entire new Regulation and then in future installments will drill down on different aspects of the new rules as such become relevant to this new offering regime. 

Background on Rules

On December 18, 2013, the SEC published proposed rules to implement Title