Table of Contents

Regulation Crowdfunding (Reg CF) Exemptions

Overview

Regulation Crowdfunding (Reg CF) allows eligible companies to offer and sell securities through crowdfunding. This model covers the complete requirements process under SEC Regulation Crowdfunding, from issuer eligibility through resale restrictions.

See also: Wikidata: Crowdfunding

Detailed Reg CF Requirements

  1. Issuer Eligibility
    • Must be a U.S. company organized under U.S. state or territorial laws
    • Cannot be an SEC reporting company, investment company, or blank check company
    • Must not be disqualified under “bad actor” rules (Rule 503 of Regulation Crowdfunding)
    • Must have a specific business plan (not just to engage in a merger or acquisition with an unidentified company)
  2. Offering Limit
    • Can raise up to $5 million in a 12-month period
    • This limit includes all Reg CF offerings within the past 12 months
    • Must aggregate amounts sold in reliance on Reg CF with amounts sold in reliance on Rule 504 of Regulation D and in reliance on other exemptions
  3. Investor Limits
    • For investors with annual income or net worth less than $107,000:
      • Greater of $2,200 or 5% of the lesser of annual income or net worth
    • For investors with both annual income and net worth of $107,000 or more:
      • 10% of the lesser of annual income or net worth
    • Accredited investors have no limits
    • All investor limits are calculated across all Reg CF offerings in a 12-month period
  4. Disclosure Requirements
    • File Form C with the SEC, which includes:
      • Information about officers, directors, and owners of 20% or more of the company
      • Description of the company's business and use of proceeds
      • Price of the securities or method of determining the price
      • Target offering amount and deadline
      • Company's financial condition
      • Financial statements:
        • Offerings up to $124,000: Financial statements and specific line items from income tax returns, certified by the principal executive officer
        • Offerings between $124,000 and $618,000: Financial statements reviewed by an independent public accountant
        • Offerings over $618,000:
          • For first-time Reg CF issuers: Reviewed financial statements
          • For repeat Reg CF issuers: Audited financial statements
    • Disclose risks to investors
    • File annual reports (Form C-AR) and termination reports (Form C-TR) as needed
  5. Use of Intermediaries
    • Must use a single intermediary registered with the SEC (as a broker-dealer or funding portal)
    • The offering must be conducted exclusively through the intermediary's platform
    • Intermediary must:
      • Provide educational materials to investors
      • Take measures to reduce fraud risk
      • Make issuer information available for at least 21 days before any sale of securities
      • Facilitate the offer and sale of crowdfunded securities
  6. Advertising Restrictions
    • Issuers may not advertise the terms of a Reg CF offering except in a notice that directs investors to the intermediary's platform
    • The notice is limited to:
      • A statement that the issuer is conducting an offering
      • The terms of the offering
      • The name of the intermediary through which the offering is being conducted
      • A link to the intermediary's platform
  7. Ongoing Reporting
    • File annual reports with the SEC and provide them to investors
    • The annual report includes information similar to what's in Form C
    • This obligation continues until:
      • The issuer becomes a reporting company required to file reports under Exchange Act Section 13(a) or 15(d)
      • The issuer or another party repurchases all of the securities issued in the Reg CF offering
      • The issuer liquidates or dissolves its business in accordance with state law
  8. Resale Restrictions
    • Securities purchased in a Reg CF offering generally cannot be resold for one year
    • Exceptions allow resales to:
      • The issuer
      • An accredited investor
      • A family member
      • In connection with the death or divorce of the purchaser
      • Or as part of an offering registered with the SEC

BPMN Model


<?xml version="1.0" encoding="UTF-8"?>
<definitions xmlns="http://www.omg.org/spec/BPMN/20100524/MODEL" xmlns:bpmndi="http://www.omg.org/spec/BPMN/20100524/DI" xmlns:dc="http://www.omg.org/spec/DD/20100524/DC" xmlns:di="http://www.omg.org/spec/DD/20100524/DI" id="definitions_1">
  <process id="Process_1" isExecutable="false">
    <startEvent id="start">
      <outgoing>start-eligibilityCheck</outgoing>
    </startEvent>
    <exclusiveGateway id="eligibilityCheck" name="Check Issuer Eligibility">
      <incoming>start-eligibilityCheck</incoming>
      <outgoing>eligibilityCheck-task1</outgoing>
    </exclusiveGateway>
    <task id="task1" name="Check Offering Limit">
      <incoming>eligibilityCheck-task1</incoming>
      <outgoing>task1-investorLimitCheck</outgoing>
    </task>
    <exclusiveGateway id="investorLimitCheck" name="Check Investor Contribution Limits">
      <incoming>task1-investorLimitCheck</incoming>
      <outgoing>investorLimitCheck-task8</outgoing>
      <outgoing>investorLimitCheck-task9</outgoing>
      <outgoing>investorLimitCheck-offeringLimitCheck</outgoing>
    </exclusiveGateway>
    <task id="task8" name="Apply 5% Limit">
      <incoming>investorLimitCheck-task8</incoming>
      <outgoing>task8-offeringLimitCheck</outgoing>
    </task>
    <task id="task9" name="Apply 10% Limit">
      <incoming>investorLimitCheck-task9</incoming>
      <outgoing>task9-offeringLimitCheck</outgoing>
    </task>
    <exclusiveGateway id="offeringLimitCheck" name="Offering Limit Check">
      <incoming>task8-offeringLimitCheck</incoming>
      <incoming>task9-offeringLimitCheck</incoming>
      <incoming>investorLimitCheck-offeringLimitCheck</incoming>
      <outgoing>offeringLimitCheck-task2</outgoing>
    </exclusiveGateway>
    <task id="task2" name="Check Investor Limits">
      <incoming>offeringLimitCheck-task2</incoming>
      <outgoing>task2-task3</outgoing>
    </task>
    <task id="task3" name="Prepare Disclosure Requirements">
      <incoming>task2-task3</incoming>
      <outgoing>task3-task4</outgoing>
    </task>
    <task id="task4" name="Select Intermediary">
      <incoming>task3-task4</incoming>
      <outgoing>task4-task5</outgoing>
    </task>
    <task id="task5" name="Comply with Advertising Restrictions">
      <incoming>task4-task5</incoming>
      <outgoing>task5-task6</outgoing>
    </task>
    <task id="task6" name="Prepare Ongoing Reporting">
      <incoming>task5-task6</incoming>
      <outgoing>task6-task7</outgoing>
    </task>
    <task id="task7" name="Understand Resale Restrictions">
      <incoming>task6-task7</incoming>
      <outgoing>task7-end</outgoing>
    </task>
    <endEvent id="end">
      <incoming>task7-end</incoming>
    </endEvent>
    <sequenceFlow id="start-eligibilityCheck" sourceRef="start" targetRef="eligibilityCheck" />
    <sequenceFlow id="task1-investorLimitCheck" sourceRef="task1" targetRef="investorLimitCheck" />
    <sequenceFlow id="task8-offeringLimitCheck" sourceRef="task8" targetRef="offeringLimitCheck" />
    <sequenceFlow id="investorLimitCheck-task8" name="Income/Net Worth &#60; $107,000" sourceRef="investorLimitCheck" targetRef="task8" />
    <sequenceFlow id="task9-offeringLimitCheck" sourceRef="task9" targetRef="offeringLimitCheck" />
    <sequenceFlow id="investorLimitCheck-task9" name="Income/Net Worth &#62;= $107,000" sourceRef="investorLimitCheck" targetRef="task9" />
    <sequenceFlow id="investorLimitCheck-offeringLimitCheck" name="Accredited Investor" sourceRef="investorLimitCheck" targetRef="offeringLimitCheck" />
    <sequenceFlow id="task2-task3" sourceRef="task2" targetRef="task3" />
    <sequenceFlow id="task3-task4" sourceRef="task3" targetRef="task4" />
    <sequenceFlow id="task4-task5" sourceRef="task4" targetRef="task5" />
    <sequenceFlow id="task5-task6" sourceRef="task5" targetRef="task6" />
    <sequenceFlow id="task6-task7" sourceRef="task6" targetRef="task7" />
    <sequenceFlow id="task7-end" sourceRef="task7" targetRef="end" />
    <sequenceFlow id="offeringLimitCheck-task2" name="Within Limit" sourceRef="offeringLimitCheck" targetRef="task2" />
    <sequenceFlow id="eligibilityCheck-task1" name="Eligible" sourceRef="eligibilityCheck" targetRef="task1" />
  </process>
  <bpmndi:BPMNDiagram id="BPMNDiagram_Process_1">
    <bpmndi:BPMNPlane id="BPMNPlane_Process_1" bpmnElement="Process_1">
      <bpmndi:BPMNShape id="start_di" bpmnElement="start">
        <dc:Bounds x="-393" y="12" width="36" height="36" />
      </bpmndi:BPMNShape>
      <bpmndi:BPMNShape id="eligibilityCheck_di" bpmnElement="eligibilityCheck" isMarkerVisible="true">
        <dc:Bounds x="-250" y="5" width="50" height="50" />
        <bpmndi:BPMNLabel>
          <dc:Bounds x="-257" y="55" width="65" height="27" />
        </bpmndi:BPMNLabel>
      </bpmndi:BPMNShape>
      <bpmndi:BPMNShape id="task1_di" bpmnElement="task1">
        <dc:Bounds x="-125" y="-10" width="100" height="80" />
      </bpmndi:BPMNShape>
      <bpmndi:BPMNShape id="investorLimitCheck_di" bpmnElement="investorLimitCheck" isMarkerVisible="true">
        <dc:Bounds x="50" y="5" width="50" height="50" />
        <bpmndi:BPMNLabel>
          <dc:Bounds x="38" y="55" width="74" height="40" />
        </bpmndi:BPMNLabel>
      </bpmndi:BPMNShape>
      <bpmndi:BPMNShape id="task8_di" bpmnElement="task8">
        <dc:Bounds x="175" y="-10" width="100" height="80" />
      </bpmndi:BPMNShape>
      <bpmndi:BPMNShape id="task9_di" bpmnElement="task9">
        <dc:Bounds x="175" y="130" width="100" height="80" />
      </bpmndi:BPMNShape>
      <bpmndi:BPMNShape id="offeringLimitCheck_di" bpmnElement="offeringLimitCheck" isMarkerVisible="true">
        <dc:Bounds x="200" y="285" width="50" height="50" />
        <bpmndi:BPMNLabel>
          <dc:Bounds x="192" y="335" width="66" height="27" />
        </bpmndi:BPMNLabel>
      </bpmndi:BPMNShape>
      <bpmndi:BPMNShape id="task2_di" bpmnElement="task2">
        <dc:Bounds x="325" y="270" width="100" height="80" />
      </bpmndi:BPMNShape>
      <bpmndi:BPMNShape id="task3_di" bpmnElement="task3">
        <dc:Bounds x="470" y="270" width="100" height="80" />
      </bpmndi:BPMNShape>
      <bpmndi:BPMNShape id="task4_di" bpmnElement="task4">
        <dc:Bounds x="625" y="270" width="100" height="80" />
      </bpmndi:BPMNShape>
      <bpmndi:BPMNShape id="task6_di" bpmnElement="task6">
        <dc:Bounds x="925" y="270" width="100" height="80" />
      </bpmndi:BPMNShape>
      <bpmndi:BPMNShape id="task7_di" bpmnElement="task7">
        <dc:Bounds x="1075" y="270" width="100" height="80" />
      </bpmndi:BPMNShape>
      <bpmndi:BPMNShape id="end_di" bpmnElement="end">
        <dc:Bounds x="1257" y="292" width="36" height="36" />
      </bpmndi:BPMNShape>
      <bpmndi:BPMNShape id="task5_di" bpmnElement="task5">
        <dc:Bounds x="790" y="270" width="100" height="80" />
      </bpmndi:BPMNShape>
      <bpmndi:BPMNEdge id="start-eligibilityCheck_di" bpmnElement="start-eligibilityCheck">
        <di:waypoint x="-357" y="30" />
        <di:waypoint x="-250" y="30" />
      </bpmndi:BPMNEdge>
      <bpmndi:BPMNEdge id="task1-investorLimitCheck_di" bpmnElement="task1-investorLimitCheck">
        <di:waypoint x="-25" y="30" />
        <di:waypoint x="50" y="30" />
      </bpmndi:BPMNEdge>
      <bpmndi:BPMNEdge id="task8-offeringLimitCheck_di" bpmnElement="task8-offeringLimitCheck">
        <di:waypoint x="275" y="30" />
        <di:waypoint x="300" y="30" />
        <di:waypoint x="300" y="240" />
        <di:waypoint x="225" y="240" />
        <di:waypoint x="225" y="285" />
      </bpmndi:BPMNEdge>
      <bpmndi:BPMNEdge id="investorLimitCheck-task8_di" bpmnElement="investorLimitCheck-task8">
        <di:waypoint x="100" y="30" />
        <di:waypoint x="175" y="30" />
        <bpmndi:BPMNLabel>
          <dc:Bounds x="93" y="5" width="89" height="27" />
        </bpmndi:BPMNLabel>
      </bpmndi:BPMNEdge>
      <bpmndi:BPMNEdge id="task9-offeringLimitCheck_di" bpmnElement="task9-offeringLimitCheck">
        <di:waypoint x="225" y="210" />
        <di:waypoint x="225" y="285" />
      </bpmndi:BPMNEdge>
      <bpmndi:BPMNEdge id="investorLimitCheck-task9_di" bpmnElement="investorLimitCheck-task9">
        <di:waypoint x="75" y="55" />
        <di:waypoint x="75" y="170" />
        <di:waypoint x="175" y="170" />
        <bpmndi:BPMNLabel>
          <dc:Bounds x="46" y="103" width="89" height="27" />
        </bpmndi:BPMNLabel>
      </bpmndi:BPMNEdge>
      <bpmndi:BPMNEdge id="investorLimitCheck-offeringLimitCheck_di" bpmnElement="investorLimitCheck-offeringLimitCheck">
        <di:waypoint x="75" y="55" />
        <di:waypoint x="75" y="310" />
        <di:waypoint x="200" y="310" />
        <bpmndi:BPMNLabel>
          <dc:Bounds x="64" y="173" width="52" height="27" />
        </bpmndi:BPMNLabel>
      </bpmndi:BPMNEdge>
      <bpmndi:BPMNEdge id="task2-task3_di" bpmnElement="task2-task3">
        <di:waypoint x="425" y="310" />
        <di:waypoint x="470" y="310" />
      </bpmndi:BPMNEdge>
      <bpmndi:BPMNEdge id="task3-task4_di" bpmnElement="task3-task4">
        <di:waypoint x="570" y="310" />
        <di:waypoint x="625" y="310" />
      </bpmndi:BPMNEdge>
      <bpmndi:BPMNEdge id="task4-task5_di" bpmnElement="task4-task5">
        <di:waypoint x="725" y="310" />
        <di:waypoint x="790" y="310" />
      </bpmndi:BPMNEdge>
      <bpmndi:BPMNEdge id="task5-task6_di" bpmnElement="task5-task6">
        <di:waypoint x="890" y="310" />
        <di:waypoint x="925" y="310" />
      </bpmndi:BPMNEdge>
      <bpmndi:BPMNEdge id="task6-task7_di" bpmnElement="task6-task7">
        <di:waypoint x="1025" y="310" />
        <di:waypoint x="1075" y="310" />
      </bpmndi:BPMNEdge>
      <bpmndi:BPMNEdge id="task7-end_di" bpmnElement="task7-end">
        <di:waypoint x="1175" y="310" />
        <di:waypoint x="1257" y="310" />
      </bpmndi:BPMNEdge>
      <bpmndi:BPMNEdge id="offeringLimitCheck-task2_di" bpmnElement="offeringLimitCheck-task2">
        <di:waypoint x="250" y="310" />
        <di:waypoint x="325" y="310" />
        <bpmndi:BPMNLabel>
          <dc:Bounds x="259" y="285" width="57" height="14" />
        </bpmndi:BPMNLabel>
      </bpmndi:BPMNEdge>
      <bpmndi:BPMNEdge id="eligibilityCheck-task1_di" bpmnElement="eligibilityCheck-task1">
        <di:waypoint x="-200" y="30" />
        <di:waypoint x="-125" y="30" />
        <bpmndi:BPMNLabel>
          <dc:Bounds x="-180" y="5" width="36" height="14" />
        </bpmndi:BPMNLabel>
      </bpmndi:BPMNEdge>
    </bpmndi:BPMNPlane>
  </bpmndi:BPMNDiagram>
</definitions>

W10=