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The updated Reg A, sometimes called ?Reg A+,? was split into two tiers and allowed for significantly higher raises (up to $20 million with Tier 1 and up to $50 million with Tier 2) and more flexibility around how and to whom securities can be marketed.

Regulation A is an exemption from registration for public offerings.

The securities that may be offered under Regulation A+ are limited to equity securities, including warrants, debt securities and debt securities that are convertible into or exchangeable into equity interests, including guarantees of such securities.

Like Regulation D, Regulation A allows smaller companies to sell securities to the public with fewer reporting requirements than a public offering has. However, Regulation D requires that most investors be accredited investors. Under Regulation A, companies may sell to non-accredited investors.

Regulation A was updated in 2015 to allow companies to generate income under two separate tiers representing two different types of investments. Under Tier 1 (maximum of $20 million), companies don't have ongoing reporting requirements but must issue a report on the offering's final status.

The Reg A+ ?mini-IPO? enables small and medium-sized companies to offer and sell up to $50 million of securities in a 12-month period without going through the full SEC registration process, and in some cases avoiding the state registration process.

The securities that may be offered under Regulation A+ are limited to equity securities, including warrants, debt securities and debt securities that are convertible into or exchangeable into equity interests, including guarantees of such securities.