| Item | Rule 504 | Rule 505 | Rule 506 | Rule 701 | Reg A | Sect 4(2) | Sect 4(6) |
| Maximum amount that can be raised |
$1million in (12 months) |
$5 million in (12 months) |
Unlimited | Varies between $500,000 and $ 5 million |
$5 million in (12 months) |
Unlimited | $5 million |
| Number of
investors |
Unlimited | 35 non-accredited plus an unlimited number of accredited investors |
35 non- accredited plus an unlimited number of accredited investors |
Unlimited if eligible |
Unlimited |
limit to number of offerees |
Accredited investors only |
| Investor qualifications |
None | Unsophisticated | Sophisticated | employees, officers, directors, consultants or advisors in lieu of pay only. |
Not required | sophisticated with access to all material information |
Accredited investors only |
| Commissions | Permitted | Permitted | Permitted | Permitted | Permitted | Permitted | Permitted |
| Can general solicitation and advertising be used? |
Yes | No | No | Yes | Yes | No | No |
| Resale restrictions? |
No | Yes | Yes | Yes | No | Yes | Yes |
| Issuer
Requirements |
no reporting
or blank check companies or investment companies |
No investment
companies or issuers ineligible under Reg A |
None | No reporting
companies |
No reporting,
blank check, or investment companies |
None | None |
| Federal
filings |
Form D
required, but not a condition of the exemption |
Form D
required, but not a condition of the exemption |
Form D
required, but not a condition of the exemption |
Form 701
required but not a condition of exemption |
Filings required | No notice of
sales required |
Form 4(6)
required |
| Disclosure
requirements |
None
specified |
Specified in
SEC Rule 502 (b) |
Specified in
SEC Rule 502 (b) |
None
Specified |
Specified
in Reg A |
Investors
receive or have access to the type of information that registration would have required |
None
specified |