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> Additional Tier 2 Requirements: > A limitation on the amount of securities non-accredited investors can purchase in a Tier 2 offering of no more than 10 perc
by carbocation 12y ago
> Additional Tier 2 Requirements:
> A limitation on the amount of securities non-accredited investors can purchase in a Tier 2 offering of no more than 10 percent of the greater of the investor’s annual income or net worth.
Do these modest limitations on non-accredited investors only apply to Tier 2 offerings? I.e., can a non-accredited investor put 100% of net worth into a Tier 1 offering?
- marcusestes 12y agoTier 1 offerings are available to accredited investors only. Here's a link to the final ruling: https://www.sec.gov/rules/final/2015/33-9741.pdf https://www.sec.gov/rules/final/2015/33-9741.pdf
- otoburb 12y agoI originally thought the same, but I couldn't find in the final ruling where it states that Tier 1 offerings are restricted only to accredited investors. Also, I saw a SeedInvest summary article on the proposed rules and it stated: "Anyone can invest: Not limited to just “accredited investors” – your friends and family can invest. Tier 2 investors will, however, be subject to investment limits described below."[1] A law firm called Morrison Foerster also has a nice summary table on page 9 of their Regulation A+ client alert[2]. [1] http://www.seedinvest.com/blog/regulation-a-equity-crowdfunding-rules/ http://www.seedinvest.com/blog/regulation-a-equity-crowdfund... [2] http://www.mofo.com/~/media/Files/ClientAlert/2015/03/150326RegulationA.pdf http://www.mofo.com/~/media/Files/ClientAlert/2015/03/150326...