--- title: "Reg A+ Quarter 4 Overview: Waiting for Legislative Upgrades" description: Interact with FactRight’s Q4 2018 Reg A+ database and learn about the most recent developments in the space. image: https://blog.factright.com/hubfs/AdobeStock_170808707%20%5BConverted%5D-1.png --- behance bloglovin dribbble email facebook flickr github gplus instagram linkedin medium periscope phone pinterest rss snapchat stumbleupon tumblr twitter vimeo xing youtube - [Facebook](https://www.facebook.com/FactRightLLC/) - [Twitter](https://twitter.com/factright) - [Linkedin](http://www.linkedin.com/company/395017?trk=tyah) - [Phone](tel:866-357-7779) [Report Center Login >](http://www.factrightreports.com/Account/Login) - [Home](http://www.factright.com/) - [ABOUT US](http://www.factright.com/team/) - Financial Advisory Firms - [FR Risk Management](http://www.factright.com/fr-risk-management/) - [Report Center](https://www.factright.com/resources/report-center/) - [Product Coverage](https://www.factright.com/resources/list-of-coverage/) - Product Sponsors - [Due Diligence Reporting](http://www.factright.com/due-diligence-reporting/) - [Preparing for FactRight Diligence](https://www.factright.com/preparing-for-factright-diligence/) - [Resources](https://www.factright.com/resources/) - [Report Center](https://www.factright.com/resources/report-center/) - [FactRight Webinars](https://www.factright.com/resources/webinars/) - [FAQs](https://www.factright.com/resources/faqs/) - [Events](https://www.factright.com/events/) - [Weekly Updates](https://www.factright.com/weekly-updates/) - [FactRight Blog](https://blog.factright.com/) - [Contact](http://www.factright.com/contact/) # Reg A+ Quarter 4 Overview: Waiting for Legislative Upgrades February 28, 2019 by [Brandon Raatikka](https://blog.factright.com/author/brandon-raatikka) After the second quarter posted the lowest number of new issuance qualifications during a quarter since Regulation A was reformed, qualifications bounced back in the third and fourth quarters. Overall, 2018 had the same number of Reg A+ qualifications (not used for merger or other limited purposes) as last year—75. It’s been a while since we’ve covered Reg A+ activity here on the FactRight blog. Below are updates on some items we mentioned [last time](https://blog.factright.com/reg-aquarter-2-overview-high-and-low-times)—unfortunately, acrimony in Washington is frustrating Reg A+ improvement efforts that once had bi-partisan momentum. Also, a couple anecdotes illustrate that issuers continue to utilize Reg A+ for innovative securities offerings:   - In December, the SEC released [final rules](https://www.sec.gov/rules/final/2018/33-10591.pdf) that allow Exchange Act reporting companies to issue securities under Regulation A without having to comply with Regulation A-specific filing requirements (as Exchange Act filing requirements are more robust anyway). We’ll see in the coming quarters whether larger issuers will avail themselves of Regulation A in lieu of other ways of raising relatively limited amounts of capital, like through private placements. - The Regulation A+ Improvement Act, which would raise the maximum offering amount under Tier 2 to $75 million, was passed by the House in March 2018, but is languishing without subsequent Senate activity. - Meanwhile, some are calling for reform of Reg A+’s more modest JOBS Act sibling, Regulation Crowdfunding (Reg CF), including expansion of maximum offering amounts to $20 million (from $1.07 million). In 2018, [$85.4 million was raised](https://www.crowdfundinsider.com/2019/01/143346-sbe-council-highlights-policy-agenda-to-help-out-the-little-guy-including-access-to-capital-will-congress-listen/) through Reg CF offerings. - More importantly, Congressional action on “JOBS Act 3.0” has also stalled. Most relevant to Reg A+ was the provision that would authorize the creation of “venture exchanges” that could provide a viable secondary market for Regulation A and other securities. - Digital securities offerings appear to be headed to the Reg A+ space, and [soon](https://thetokenist.io/issuance-acquires-crowdfundx-expects-first-reg-a-dsos-to-be-qualified-by-the-sec-in-short-order/). - In December, the SEC qualified a [$50 million offering](https://www.sec.gov/Archives/edgar/data/1741687/000119312518341588/d631377d253g2.htm) for LunaDNA, LLC. But it’s not accepting dollars or cryptocurrency —investors will “capitalize” the company with certain health and biological-related data. Each data type has been assigned an estimated fair market value. An investor opting for the full bio disclosure/subscription would be granted 1,286 shares valued by the issuer at $90.02. **Interact with FactRight’s database** As we always conclude these posts—below is an interactive summary of FactRight’s Tier 2 Regulation A database, updated for offerings qualified through the end of the fourth quarter. The charts below are dynamic; if you click on a single data point in any chart, it will filter the data displayed on the sidebar at left and in the remaining charts. Hover your cursor over a chart for additional information. 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