For Regulation A offerings, formal SEC review and qualification is required before the issuer is allowed to advertise or sell any securities. This process is done through the submission of Form 1-A to the SEC.
- Important to note here for a Regulation A – the SEC is in no way endorsing the issuer’s offering; they are simply “qualifying” it to certify that they met the SEC’s regulatory requirements for the offering.
For Regulation CF offerings, no formal SEC qualification is required, but issuers must complete and file Form C with the SEC prior to launching their investment offering.
For Regulation D 506(c) offerings, no formal SEC qualification is required, but issuers must complete and file Form D with the SEC within 15 days after the first sale of securities in the investment offering.