Glossary

Regulation A+ (Reg A+)

Also known as: Reg A+, Regulation A Plus, Reg A+

A federal securities exemption, sometimes called a 'mini-IPO,' allowing an issuer to raise capital from the general public (including non-accredited investors) up to a periodically-adjusted cap, involving SEC qualification of an offering circular and ongoing reporting obligations more substantial than Regulation D requires.

Regulation A+ (the 'plus' distinguishing it from the original, rarely-used Regulation A) offers two tiers, with the larger Tier 2 permitting bigger raises from the general public in exchange for more substantial ongoing disclosure than a Reg D or Reg CF offering requires -- closer in spirit to a scaled-down public offering, hence the 'mini-IPO' nickname. Some real estate platforms have used Reg A+ to offer their own perpetual, non-traded REIT-style vehicles directly to retail investors, including non-accredited investors, at a larger scale than Reg CF's cap permits.