ããªãã¯ããã«ãã
ãããã質å
åéã®ãã
èŠå¶A +ã¿ã€ãã«IVã®èŠçŽ
äŒçµ±çã«ãæ°èäŒæ¥ããã®ä»ã®æé·æ®µéã®äŒæ¥ã«æè³ããããšã¯ãæãè£çŠãªã¢ã¡ãªã«äººã®ç¹æš©ã§ããã èªå®ãããæè³å®¶ ïŒ200,000以äžãæè¿ã®2幎éããŸãã¯$ 1çŸäžã®çŽè³ç£ã§äœã£ã人ã ïŒã¯ã蚌åžååŒå§å¡äŒãã¹ã¿ãŒãã¢ããã«æè³ããããšãã§ããå¯äžã®ãã®ã§ãã£ãã æè³ã¯ãã倧ããªæ°äž»åãèŠå§ããŠããã
2012幎ããªãã倧統é ã¯ã¢ã¡ãªã«ã®JOBSæ³ã«çœ²åããã¢ã¡ãªã«äººã®åŽåèŠéããšå šäœçãªçµæžçæ©äŒãæ¹åããããã®10ã®æ¡é ããããŸããã JOBSæ³ã®ã¿ã€ãã«IVã¯ãã¬ã®ã¥ã¬ãŒã·ã§ã³A +ãšãåŒã°ããè³ç£ãåå ¥ã¬ãã«ã«é¢ä¿ãªãã3äžãã«ãã75äžãã«*ã®è³éã調éãããäŒæ¥ã誰ããã§ã調éã§ããããã«ããŸãã
ãã®FAQã®æ®ãã®éšåã衚瀺ããã«ã¯ãäžã®éããã¿ã³ãã¯ãªãã¯ããŠãã ããã
ãã®çãã¯ç¶ããã¬ã®ã¥ã¬ãŒã·ã§ã³A +ïŒãŸãã¯ãRegA +ãïŒã¯ã蚌åžååŒå§å¡äŒïŒSECïŒã«ãã£ãŠäœæãããè³æ¬ã調éããããã®æ°ããæ¹æ³ã§ãã 25幎2015æXNUMXæ¥ãããSECèŠåã«ãããäŒæ¥ã¯æè³å®¶åžå Žã«æäŸããèªç€Ÿã®é åããã¹ãããããšãã§ããŸãã ãã㯠RegA + AuditionïŒTMïŒ ãã³ããã¿ã³éãã®éŠéœã§
25幎2015æXNUMXæ¥ä»¥éãäŒæ¥ã¯SECã«ã¬ã®ã¥ã¬ãŒã·ã§ã³A +ã®æäŸãç³è«ããæºåãã§ããããåœç€Ÿã®ãã©ãããã©ãŒã ãªã©ã§è³éã調éããããšãèš±å¯ãããŠããŸãã ç§ãã¡ã¯æåã®ã¬ã®ã¥ã¬ãŒã·ã§ã³A +ãã©ãããã©ãŒã ã§ãã ãã³ããã¿ã³ã¹ããªãŒããã£ãã¿ã«ãšãã³ããã¿ã³ã¹ããªãŒããã£ãã¿ã«ã®äžéšéã§ããFundAthenaã¯ããäŒç€Ÿã®æäŸç©ãããŒãžã«æäŸç©ãæ²èŒããããšã確èªããã³æ¿èªããäŒæ¥ã«å¯ŸããŠã®ã¿è³é調éãè¡ããŸãã
å®å šãªåçãèªãã«ã¯ãäžã®éããã¿ã³ãã¯ãªãã¯ããŠãã ããã
ãã®çãã¯ç¶ãã1933幎蚌åžæ³ã«ãããšããã¹ãŠã®äŒæ¥ã¯èªç€Ÿæ ªã売åŽããããã«SECã«åéãç»é²ããå¿ èŠããããŸãã å é€ã«ãããäŒæ¥ãSECç»é²ãªãã§æ ªåŒã売åŽã§ããå ŽåããããŸãã ãã®ãããªå é€ã®XNUMXã€ã¯ãèŠå¶DãŸãã¯èŠå¶Dã§ãã
Reg Dã¯ãç»é²ãã«ãŒã«504ãã«ãŒã«505ãããã³ã«ãŒã«506ã®3ã€ã®å é€ãæäŸããŸãããªã³ã©ã€ã³æ ªåŒã¯ã©ãŠããã¡ã³ãã£ã³ã°ã®ç®çã§ãã«ãŒã«506ãæãéèŠã§ããã506Bãš506Cãšãã2ã€ã®ç°ãªãããªãšãŒã·ã§ã³ã«åå²ãããŸãã ãããã®å Žåãã èªå®ãããæè³å®¶ æè³ãèš±å¯ãããŠããã
å®å šãªåçãèªãã«ã¯ãäžã®éããã¿ã³ãã¯ãªãã¯ããŠãã ããã
ãã®çãã¯ç¶ããã¬ã®ã¥ã¬ãŒã·ã§ã³Sã¯ãç±³åœä»¥å€ããã³ç±³åœã®äŒæ¥ãç±³åœå€ã§è³æ¬ã調éããããã®SECæºæ ã®æ¹æ³ãæäŸããŸã
ã¬ã®ã¥ã¬ãŒã·ã§ã³Sãªãã¡ãªã³ã°ã¯ããšã¯ã€ãã£èšŒåžãŸãã¯ããã蚌åžãçºè¡ã§ããŸãã Reg Sã«åºã¥ããŠæäŸãè¡ãäŒç€Ÿã¯ãå¥ã®æ¹æ³ã䜿çšããŠç±³åœå ã§è³æ¬ã調éããããšãã§ããŸããé垞㯠Reg D or ã«ãŒã«144A.
å®å šãªåçãèªãã«ã¯ãäžã®éããã¿ã³ãã¯ãªãã¯ããŠãã ããã
ãã®çãã¯ç¶ããATSã¯AlternativeTradingSystemã®ç¥ã§ãã è¿å¹Žã®èŠå¶ã®å€æŽã«ãããATSã¿ã€ãã®èšŒåžååŒæãèªçããŸããã
ATSã¯ã蚌åžãææãã人ã ã売買ã§ããã¢ãã¿ãŒããŒã±ããååŒæã§ãã
ãã®çãã¯ç¶ããã¬ã®ã¥ã¬ãŒã·ã§ã³A +ã§ã¯ã1ãã20äžãã«ã®ç¯å²ã®Tier2ãš75ããXNUMXäžãã«ã®ç¯å²ã®TierXNUMXã®XNUMXçš®é¡ã®ãªãã¡ãªã³ã°ãèš±å¯ãããŠããŸãã
ãã£ã¢2 äŒæ¥ã¯ãäžçäžã®åã ã®ãã¡ã€ã³ã¹ããªãŒããæè³å®¶ããã³èªå®æè³å®¶ãæ©é¢ãã幎éãŒããã75äžãã«ã調éããããšãã§ããŸãã å·ããšã®é空æ³ã®å é€ãååŸããããã®Tier2èŠä»¶ã¯éåžžã«é ããéåžžã«è²»çšããããããã倧å€æ°ã®äŒæ¥ã¯Tier1ãéžæããŠããŸãã Tier 2ã䜿çšããŠããäŒæ¥ã¯ãè³æ¬ã調éããããã«å·ã®Blue SkyèŠä»¶ãæºããå¿ èŠã¯ãããŸããïŒäžéšã®äŒæ¥ã§ã¯ äŸå€ïŒã ãã£ã¢2ã¯SECã®ç®çã§ãŒãã®æå°å€ããå§ãŸãããšã«æ³šæããŠãã ãã-ãã£ã¢2ã¯20çŸäžãã«ã§å§ãŸããšããäžè¬çãªèª€è§£ãããããããããèšããŸãã ããã§ã¯ãããŸããïŒ å€ãã®äŒæ¥ãã2åäžãã«æªæºã®Tier 20補åãæåãããŠããŸãã
å®å šãªåçãèªãã«ã¯ãäžã®éããã¿ã³ãã¯ãªãã¯ããŠãã ããã
ãã®çãã¯ç¶ããèŠå¶A +ã¯ãäžçäžã®æè³å®¶ãæ°éäŒæ¥ã«æè³ããããšãå¯èœã«ããŸãã ããã¯ç±³åœã®èšŒåžæ³ã®å€§ããªå€æŽã§ãããSECã«ãã£ãŠèªå®ãããåŸã誰ã§ãReg A +ã®æäŸã«æè³ããããšãã§ããŸãã Reg A +ã2015ã§æå¹ã«ãªã以åã¯ãè£çŠãªèªå®æè³å®¶ã®ã¿ãæ°éäŒæ¥ã«æè³ããããšãã§ããŸããã
ãããªãèŠãã«ã¯ãäžã®éããã¿ã³ãã¯ãªãã¯ããŠãã ããã
ãã®çãã¯ç¶ããç§ãã¡ã®æèŠã§ã¯ãäŒæ¥ã®æ¶è²»è ãžã®ã¢ããŒã«ãæãéèŠãªèŠçŽ ã§ãïŒçµå¶é£ã®åã匷åãªæŠç¥ã倧ããæé·ããŠããåžå Žãæ¥éãªæé·çã競äºãžã®éå£ã確ç«ããåŸïŒã 倧èŠæš¡ã§å¹žããªé¡§å®¢ããŒã¹ãšéæ¹ããªãæ¶è²»è ã®é åã¯ãæåãéåžžã«ç€ºããŠããŸãã æ¶è²»è æè³å®¶ã¯ãèªå®æè³å®¶ãæ©é¢æè³å®¶ãšæ¯èŒããŠãããªãã®æäŸç©ã«ããããã®ã«æãå®äŸ¡ã§ãã
å®å šãªåçãèªãã§ãããªãèŠãã«ã¯ãäžã®éããã¿ã³ãã¯ãªãã¯ããŠãã ããã
ãã®çãã¯ç¶ããç§ãã¡ã¯ãReg A +ã«é©ããŠãããšèããŠããäžå äŒæ¥ãæçããæ°èäŒæ¥ãšååããŠããŸãã ç§ãã¡ã®æèŠã§ã¯ãäŒæ¥ã®æ¶è²»è ãžã®ã¢ããŒã«ãæãéèŠãªèŠçŽ ã§ãïŒçµå¶é£ã®åã匷åãªæŠç¥ã倧ããæé·ããŠããåžå Žãæ¥éãªæé·çã競äºãžã®éå£ã確ç«ããåŸïŒã 倧èŠæš¡ã§å¹žããªé¡§å®¢ããŒã¹ãšéæ¹ããªãæ¶è²»è ã®é åã¯ãæåãéåžžã«ç€ºããŠããŸãã
å®å šãªåçãèªãã§ãããªãèŠãã«ã¯ãäžã®éããã¿ã³ãã¯ãªãã¯ããŠãã ããã
ãã®çãã¯ç¶ããæè³å®¶ã¯Tzeroã«çŽæ¥ãµã€ã³ã¢ããããŠå£åº§ãéèšããããšãã§ãã以äžã®ãããŒã«ãŒãã£ãŒã©ãŒããTzeroã§ååŒããããšãã§ããŸãã
- ãã€ããŒã»ãµã³ãã©ãŒ
- DAãããããœã³
- ãã§ã€ã¹ãã¬ãŒã
- Ustocktrade蚌åž
- ãã§ã€ã¹ãã¬ãŒã
- ApexProïŒä»¥åã®ETCïŒ
- CuttoneïŒCompany
- ã¯ãªã¢ã¹ããªãŒã
- ãªãŒã¬ã«èšŒåž
ãã®ãªã¹ãã¯ãTzeroATSã«åºæã®ãã®ã§ãã
é¢é£ã³ã³ãã³ãïŒ
Reg A +å éšè ãšæè³å®¶ã®ããã«èª¬æãããæµåæ§
ãã³ããã¿ã³ã¹ããªãŒããã£ãã¿ã«ã¯ãå³éžãããäœãªã¹ã¯ã®æ°èäŒæ¥ãæåããäžå äŒæ¥ã®ããã«ãå人æè³å®¶ããè³éã調éããŠããŸãã ããªãã®äŒç€Ÿã¯æ¯å¹Ž4äžãã«ãã75äžãã«ã«èª¿éããããšãã§ããŸãã ïŒå®éã®æäœé¡ã¯ãããŸããããã¬ã®ã¥ã¬ãŒã·ã§ã³A +ã®æäŸãè¡ãããã®åºå®è²»ã¯ã4äžãã«æªæºã®èª¿éã«ã¯å¹ççã§ã¯ãªãããšãæå³ããŸããæ°ããè³æ¬ãåãåãåã«è²»ããå¿ èŠã®ããåºå®è²»ã¯å°ãªããšãçŽ100äžãã«ã§ãïŒã
å®å šãªåçãèªãã«ã¯ãäžã®éããã¿ã³ãã¯ãªãã¯ããŠãã ããã
ãã®çãã¯ç¶ããæ°ããRegA + AuditionïŒTMïŒããã°ã©ã ã§Regulation A +ãããªãã®äŒç€Ÿã§ã©ããããããŸãåäœãããããã¹ãããŸãã ãªãŒãã£ã·ã§ã³ãè¡ããã¡ã³ããŒãæè³å®¶ããã®æèŠãåŸãã
ãã®ãµãŒãã¹ã¯ãReg A +ãªãã¡ãªã³ã°ã®ã³ã¹ãã確çŽããåã«ãæè³å®¶ã«å¯ŸããäŒæ¥ã®é åãäœã³ã¹ãã§åžå Žãã¹ãããå Žåã«é©ããŠããŸãã ããŒã±ãã£ã³ã°ã¬ã€ãã³ã¹ãšããžã¿ã«åºåãæäŸããå¥ã®ããŒã±ãã£ã³ã°ãšãŒãžã§ã³ã·ãŒãšäžç·ã«ãã¹ãŠããŸãšããŸãã
ãã®FAQã®æ®ãã®éšåã«ã€ããŠã¯ãäžã®éããã¿ã³ãã¯ãªãã¯ããŠãã ããïŒ
ãã®çãã¯ç¶ãããããã¬ãã«ã®èŠè§£ãšããŠãå®æãããªãã¡ãªã³ã°ã®ã³ã¹ãã¯ãããŸããŸãªèŠå ããã¹ãŠå«ããŠãè³æ¬èª¿éã®ç¯å²ã®12ïŒ *ã«ãªããšäºæ³ããŸãã ããŒã»ã³ããŒãžãšããŠè«æ±ãããå¯äžã®æéã¯ããããŒã«ãŒãã£ãŒã©ãŒãé¢äžããŠããå Žåã®ãããŒã«ãŒãã£ãŒã©ãŒã«å¯Ÿãããã®ã§ãã åºæ¬çãªã¬ãã«ã®ãšã³ã²ãŒãžã¡ã³ãã§ååãªå ŽåããããŒã«ãŒãã£ãŒã©ãŒã®é¢äžã«å¯ŸããŠ1ïŒ ã®ãããŒã«ãŒãã£ãŒã©ãŒææ°æãåãåããŸãïŒããã¯ããªã³ã©ã€ã³ã§ã®è³é調éã«éç¹ã眮ãããŠããã»ãšãã©ã®å Žåã«åœãŠã¯ãŸããŸãïŒã
*æåã®è³æ¬æ±ºç®ã®åã«æ¯æãå¿ èŠã®ããææ°æã¯ãæäœã§ãçŽ160äžãã«ã§ã倧èŠæš¡ãªãªãã¡ãªã³ã°ã®å Žåã¯ã¯ããã«é«ããªããŸãã詳现ã«ã€ããŠã¯ã以äžãåç §ããŠãã ããã
å®å šãªåçãèªãã«ã¯ãäžã®éããã¿ã³ãã¯ãªãã¯ããŠãã ããã
ãã®çãã¯ç¶ããã¬ã®ã¥ã¬ãŒã·ã§ã³Sãªãã¡ãªã³ã°ã®ã³ã¹ã
- æ³çè²»çšïŒ $ 5k - $ 20k è€éãã«äŸåããŸãã æ³åŸææžã¯Reg Dãªãã¡ãªã³ã°/ PPMãšéåžžã«ãã䌌ãŠããŸãã®ã§ãReg DãšReg SãäœæããäŒæ¥ã§ã¯ãReg Sã®è¿œå ã³ã¹ãã¯å°ãããªããŸãã
- ããŒã±ãã£ã³ã°è²»çšïŒçµéšè±å¯ã§å¹ççãªããŒã±ãã£ã³ã°ä»£çåºã玹ä»ãããããã®ç®¡çãæ¯æŽããŸãã ããŒã±ãã£ã³ã°ã®ç·è²»çšã¯éåžžã 調éããè³æ¬ã®4ïŒ ãã8ïŒ ïŒïŒ ãšããŠèª²éãããŠããªãïŒã
å®å šãªåçãèªãã«ã¯ãäžã®éããã¿ã³ãã¯ãªãã¯ããŠãã ããã
ãã®çãã¯ç¶ããèŠå¶DæäŸè²»çš
- æ³çè²»çšïŒ $ 12k - $ 30k è€éãã«äŸåããŸãã
- ããŒã±ãã£ã³ã°è²»çšïŒ çµéšè±å¯ã§å¹ççãªããŒã±ãã£ã³ã°ãšãŒãžã§ã³ã·ãŒã玹ä»ãããããã®ç®¡çãæ¯æŽããŸãã ããŒã±ãã£ã³ã°ã³ã³ãã³ãããªãã¡ãªã³ã°ããŒãžãããã³åºåã®æºåã«ãããåæ段éã®ã³ã¹ãã¯ãçŽ35ãã«ã«ãªããŸãã ããŒã±ãã£ã³ã°ã®ç·ã³ã¹ãã¯6ããã®ç¯å²ã«ãªããŸã% 8ïŒ ã®è³æ¬èª¿éïŒïŒ ãšããŠèª²éãããŸããïŒã
å®å šãªåçãèªãã«ã¯ãäžã®éããã¿ã³ãã¯ãªãã¯ããŠãã ããã
ãã®çãã¯ç¶ããåé¡ã¯ããã³ããã¿ã³ã¹ããªãŒããã£ãã¿ã«ã§ã¬ã®ã¥ã¬ãŒã·ã§ã³A +ã䜿çšããŠäŒç€Ÿãå ¬éããããã®è²»çšã¯ãããã§ããïŒ ãããã¯ã³ã¹ãã§ãã æåã®ã³ã¹ãã¯ããŒã±ãã£ã³ã°ã§ããããã販売ã容æãªãªãã¡ãªã³ã°ã§åé¿ã§ããæå°å€ã¯4ïŒ ã§ãããããŒã±ãã£ã³ã°ã³ã¹ãã§ã¯6ã7ïŒ ãããäžè¬çã§ãã ïŒããŒã»ã³ããŒãžã§è«æ±ãããŸããïŒ
å®å šãªåçãèªãã«ã¯ãäžã®éããã¿ã³ãã¯ãªãã¯ããŠãã ããã
ãã®çãã¯ç¶ããIPOè²»çš
ããã¯ãããªããReg A +ãä»ããŠIPOãè¡ãããšã決å®ããå Žåã«ãè²»çšã®é¢ã§æåŸ ããã¹ãããšã§ãã
-
æ³çè²»çšïŒ$ 90kïŒåæãïŒ
-
ãããŒã«ãŒææ°æïŒèª¿éããç·è³æ¬éã®8ïŒ
å®å šãªåçãèªãã«ã¯ãäžã®éããã¿ã³ãã¯ãªãã¯ããŠãã ããã
ãã®çãã¯ç¶ããã¬ã®ã¥ã¬ãŒã·ã§ã³Sãªãã¡ãªã³ã°ã®ã³ã¹ã
ãã®ãªã¹ãã¯ãæå°ãšæ å ±æäŸãç®çãšããŠã³ã¹ããèŠçŽããããšãç®çãšããŠããŸãã ããã¯æ£ç¢ºã§ã¯ãªããææåã®ããææ¡ã§ããããŸããã 以äžã®æéã®ã»ãšãã©ã¯ãé¢é£ãããµãŒãã¹ãããã€ããŒã«çŽæ¥æ¯æãããŸãã
å¿ èŠã«å¿ããŠãæåãåããããã«å¿ èŠãªãã¹ãŠã®ãµãŒãã¹ãããã€ããŒãã玹ä»ããŸãã RegSã ãŸããSEC èŠå¶ã§èš±å¯ãããŠãããšããã«ãã客æ§ããã³ãµãŒãã¹ãããã€ããŒã«ãã¢ããã€ã¹ããŸãã
- æ³çè²»çšïŒ $ 9k - $ 30kãè€éãã«å¿ããŠã
- ããŒã±ãã£ã³ã°è²»çšïŒ åœç€Ÿã¯çµéšè±å¯ã§å¹ççãªããŒã±ãã£ã³ã°ä»£çåºãã玹ä»ãããã®ç®¡çããæäŒãããŸãã ããŒã±ãã£ã³ã° ã³ã³ãã³ããæäŸããŒãžãåºåã®æºåã«ãããåæ段éã®è²»çšã¯çŽ 25 ãã«ã«ãªããŸãã ããŒã±ãã£ã³ã°ã³ã¹ãã¯ãããã 6 ãã XNUMX ãã«ã®ç¯å²ã«ãªããŸãã% 調éè³éã® 10% ãŸã§ (% ãšããŠè«æ±ãããããšã¯ãããŸãã) - äŒç€Ÿãæè³å®¶ã«ãšã£ãŠã©ãã ãé åçãããŸãããŒã±ãã£ã³ã°ãã©ãã ãããŸãå®æœãããŠãããã«ãã£ãŠç°ãªããŸãã ãã³ããã¿ã³ ã¹ããªãŒã ãã£ãã¿ã«ã¯åªããããŒã±ãã£ã³ã°ä»£çåºãå°å ¥ããŠãããããŒã±ãã£ã³ã° ããã°ã©ã ã®å¹çãæ倧åãããæäŒããããããŸãã
- äžè¬ã«ãReg S ã®æäŸã«ã¯ãæè³å®¶ã«ãšã£ãŠäŒç€Ÿãã©ãã ãé åãæã£ãŠããããããã³è³æ¬èª¿éã®èŠæš¡ã«å¿ããŠã調éè³éãšã¯ã©ã³ãã® 10% ïœ 12% (MSC ææ°æã¯ããŒã»ã³ããšããŠè«æ±ãããŸãã) ãããããŸã (調éé¡ã倧ããã»ã©ãéåžžã¯ããã³ã¹ãå¹çãé«ããªããŸãïŒã
- ãã®ãµãŒãã¹ããªã³ã©ã€ã³ã§è³éãéãããŸã§ã«ãããè²»çšã¯ãããããåèšã§çŽ 40 ãã«ããããŸãããŸããè€éãªææ¡ææžããæäŸããŒãžã«è€æ°ã®ãããªãæ²èŒãããŠããå Žåã¯ãããã«è²»çšããããå¯èœæ§ããããŸãã
ããèå³ãããã°ã Rescale Support.
é¢é£æ§ã®ããã³ã³ãã³ãïŒ
Reg SæäŸã®ã¿ã€ã ã©ã€ã³
Reg SãŸãã¯Regulation Sãšã¯äœã§ããïŒ
äžèšã®éããã¿ã³ãã¯ãªãã¯ããŠè©³çŽ°ãªæéè¡šãåç §ããŠãã ããã
ãã®çãã¯ç¶ããATSã¯ã蚌åžãææãã人ã ã売買ã§ããã¢ãã¿ãŒããŒã±ããååŒæã§ãã ãã¹ãŠã® RegA+ãªãã¡ãªã³ã° å ¬åã§ãããRegA+ãATSã§å®äºããåŸã«RegA+蚌åžãäžå Žããããšã¯ãäŒæ¥ãæè³å®¶ã«æµåæ§ãæäŸããããã®äŸ¿å©ãªæ¹æ³ã§ãã ATSååŒæã®å€§ããªå©ç¹ã®XNUMXã€ã¯ãæ ªåŒã®ã·ã§ãŒããäžå¯èœã§ããã裞ã®ã·ã§ãŒããäžå¯èœã§ããããšã§ãã
RegDèšŒåž ATSååŒæã«äžå Žãã売買ããããšãã§ããŸãã
èŠå144AèšŒåž ATSååŒæã§å£²è²·ã§ããŸãã
以äžã®AlternativeTradingSystemsïŒATSïŒã®ãªã¹ãã¯ãã¢ã«ãã¡ãããé ã«ãœãŒããããŠããŸãã
- CMEã°ã«ãŒã
- åœé ãã
- ã€ã³ã¿ã©ã¯ãã£ããããŒã«ãŒãº
- INX
- NFSTX
- ããŒã¹ãã£ãã¿ã«
- ãªã¢ã·ã¹ããããŒã±ãã
- ããã¡ããŠã
- ãªã¢ã«ãããŒã±ãã
- 蚌åžå
- Templum
- ãã¯ã¹ãã£ãã£ãã¿ã«
- ãã«ããã
- TãŒã
- ã¶ã³ãã
é¢é£æ§ã®ããã³ã³ãã³ãïŒ
å žåçãªã¬ã®ã¥ã¬ãŒã·ã§ã³A +æäŸã®ã¿ã€ã ã©ã€ã³ã¹ã±ãžã¥ãŒã«
Regulation A + Offeringã¯ã©ããããã®è²»çšãæã£ãŠããŸããïŒ
ãåãåããïŒè±èªïŒ å§ããããã«ã
- è€éãã«å¿ããŠãåŒè·å£«è²»çš$ 12k - $ 60kã ïŒReg A +ã¯å°ãªããšã$ 50kã§ãïŒ
- 玹ä»ãã代çåºã«æ¯æãããŒã±ãã£ã³ã°ææ°æ .2ïŒ ãã4ïŒ ãŸã§ã®è³æ¬éããïŒ ãšããŠè«æ±ãããŠããªããšäºæ³ããã
å®å šãªåçãèªãã«ã¯ãäžã®éããã¿ã³ãã¯ãªãã¯ããŠãã ããã
ãã®çãã¯ç¶ãã詳ããçãã¯äžã®éããã¿ã³ãã¯ãªãã¯ããŠãã ããã
ãã®çãã¯ç¶ãã詳ããçãã¯äžã®éããã¿ã³ãã¯ãªãã¯ããŠãã ããã
ãã®çãã¯ç¶ããå žåçãªReg A +ã®æäŸã¹ã±ãžã¥ãŒã«
ConvertibleNotesãä»ããRegA +ãªãã¡ãªã³ã°ã®ãµããªãŒãã¥ãŒã¿ã€ã ã©ã€ã³
ãã®ãããã¯ã®å®å šãªFAQãšã³ããªã«ã€ããŠã¯ãäžã®éããã¿ã³ãã¯ãªãã¯ããŠãã ããã
ãã®çãã¯ç¶ãã
詳ããçãã¯äžã®éããã¿ã³ãã¯ãªãã¯ããŠãã ããã
ãã®çãã¯ç¶ããSTOããã³åŸæ¥ã®è£œåã®æè³ããã»ã¹ã
1ã¹ãããã
æè³å®¶ã¯ãæäŸããŒãžã§[ä»ããæè³ãã]ãã¿ã³ãã¯ãªãã¯ããŠæè³ããã»ã¹ã«å ¥ããŸãã
2ã¹ãããã
æè³å®¶ã¯ãã©ãŒã ã«èšå ¥ããæè³ãè¡ãããã«å¿ èŠãªãã¹ãŠã®æ å ±ãæäŸããŸãã ãã®æé ã¯5ã8å以äžããããŸããã
3ã¹ãããã
æè³å®¶ã¯ãã©ã®æ¯æãæ¹æ³ã圌ãã«æãé©ããŠãããã決å®ããæ¯æããéä¿¡ããŸãã ãã³ããã¿ã³ã¹ããªãŒããã£ãã¿ã«ã¯ãµããŒãããŠããŸãã é»ä¿¡ééãACHãããããã«ãŒããšã¯ã¬ãžããã«ãŒããå°åæã
äžéšã®äŒæ¥ã¯ãæå·é貚ã®æ¯æãã®ã¿ãåãå ¥ããããšã決å®ããå ŽåããããŸãã
4ã¹ãããã
çºè¡äŒç€Ÿãæ¯æããåãåããŸãã ãªãã¡ãªã³ã°ã«æäœèª¿éé¡ãããå Žåããã®ãéã¯æåã«çºè¡äŒç€Ÿã®ãšã¹ã¯ããŒå£åº§ã«é ãå ¥ããããæäœé¡ãè¶ ãããŸã§ããã«çãŸããŸãã
5ã¹ãããã
ãã³ããã¿ã³ã¹ããªãŒããã£ãã¿ã«ã¯ãæè³å®¶ã«å¯ŸããŠAMLãã§ãã¯ãå®è¡ãããã¹ãŠãæ£åžžã§ããããšã確èªããŸãã
6ã¹ãããã
ã®å Žå Reg Dã®æäŸãçºè¡äŒç€Ÿã¯æè³å®¶ã§ããããšã確èªããå¿ èŠããããŸã èªå®ãããã ç§ãã¡ã®ã·ã¹ãã ã«ã¯ãç§ãã¡ãç¶æããŠããäŒæ¥ãæ¯æŽããããã®ãœãªã¥ãŒã·ã§ã³ãçµã¿èŸŒãŸããŠããŸãã
7ã¹ãããã
ãµãã¹ã¯ãªãã·ã§ã³å¥çŽã«çœ²åããæè³å®¶ã«ãµãã¹ã¯ãªãã·ã§ã³å¥çŽãéä¿¡ããŸãã
8ã¹ãããã
çºè¡äŒç€Ÿã¯ããµãã¹ã¯ãªãã·ã§ã³å¥çŽã«çœ²åããŠæè³å®¶ãšæè³å®¶ã®è³éãåãåããŸãã
9ã¹ãããã
STOã®å ŽåãäŒç€Ÿã®ã¹ããŒãã³ã³ãã©ã¯ãã¯æè³å®¶ã®ããŒã¯ã³ãçºè¡ããããããæè³å®¶ã®ãŠã©ã¬ããã«è»¢éããŸãã åŸæ¥ã®ãªãã¡ãªã³ã°ã§ã¯ãäŒç€Ÿã¯æè³å®¶ã«æ ªåŒãçºè¡ããŸãã
æå°ã®è³é調éé¡ãããå Žåãæ ªåŒãŸãã¯ããŒã¯ã³ã®çºè¡ã¯æå°å€ãè¶ ãããŸã§å»¶æãããŸãã
é¢é£æ§ã®ããã³ã³ãã³ãïŒ
ã¬ã®ã¥ã¬ãŒã·ã§ã³A +ã®æäŸè²»çšã¯ãããã§ããïŒ
NASDAQãŸãã¯NYSEãžã®RegA + IPOã®ã¿ã€ã ã©ã€ã³ã¹ã±ãžã¥ãŒã«
Reg A +ã¯NYSEãŸãã¯NASDAQãžã®IPOã«äœ¿çšã§ãã2017幎XNUMXæ以éãããªãã®æ°ã®äŒæ¥ãReg A +ãä»ããŠIPOãè¡ããŸããã
ãã®FAQå šäœã«ã€ããŠã¯ãäžã®éè²ã®ãã¿ã³ãã¯ãªãã¯ããŠãã ããã
ãã®çãã¯ç¶ããæåã«ãããªãã®ãªãã¡ãªã³ã°ã¯TestTheWatersïŒTMïŒããã»ã¹ã«ãããŸããããã§ã¯ãæè³å®¶ãããªãã®äŒç€Ÿãã©ã®ããã«èå³æ·±ãèŠã€ããããã«æè³ãããã確èªããŸãã
ã°ã©ãã£ã«ã«ã§èŠèŠçã«é åçãªæ¹æ³ã§ãããªãã®æäŸç©ãæ£ç¢ºã«ïŒèªå€§å®£äŒãªãã«ïŒãé¢çœããæçã«ããå¿ èŠããããŸãã æéã®çµéãšãšãã«ãããªãã¯ããå ·äœçãªãã®ãæäŸããŸãã ããªããæãè³æ¬èª¿éã®èŠæš¡ãè©äŸ¡ããŸãã¯æ ªäŸ¡ãæåã«è¿°ã¹ãå¿ èŠã¯ãããŸããã
å®å šãªåçãèªãã«ã¯ãäžã®éããã¿ã³ãã¯ãªãã¯ããŠãã ããã
ãã®çãã¯ç¶ããReg A +ãSTOã«äœ¿çšããéã®éèŠãªèª²é¡ã¯ãã»ãšãã©ã®å ŽåãããŒã¯ã³ããŸã éçºãããŠããªããããæè³å®¶ããã®æ¯æããåãå ¥ããããšãã§ããªãããäžå¯èœã§ããããšã§ãã ããªãã販売ããæ ªåŒãæã£ãŠããªããšãã«äŒç€Ÿã®æ ªåŒã売ã£ãŠãããšæ³åããŠãã ããã
FAQå šäœãèŠãã«ã¯ãäžã®éããã¿ã³ãã¯ãªãã¯ããŠãã ãã
ãã®çãã¯ç¶ããã¬ã®ã¥ã¬ãŒã·ã§ã³A +ã§ã¯ãäžåç£ã®æäŸãæ©ã段éã§äž»å°æš©ãæ¡ã£ãŠããå åãèŠãããŸãã Title II / Reg Dã®ãã£ãŒã«ãã§ãã§ã«ç€ºãããŠããããã«ãæ¶è²»è ããã§ã«äžåç£ãæè³ãšããŠç解ããèªèããŠãããšããäºå®ã¯å©ãã«ãªã£ãŠããŸãã ã¬ã®ã¥ã¬ãŒã·ã§ã³A +ã¯ãäžçäžã®èªå®ãããŠããªãæè³å®¶ã«äžåç£ã®é åãåºããŠããŸãã ããXNUMXã€ã®å€§ããªèŠå ã¯ãæè³ãããè³æ¬ã«å¯Ÿããé åçãªéå©ã®æ¯æãã§ãã æ¶è²»è ã¯ãããé åçã§ãããçµæãšããŠæè³ããå¯èœæ§ãé«ããšæããŠããŸãã
å®å šãªåçãèªãã«ã¯ãäžã®éããã¿ã³ãã¯ãªãã¯ããŠãã ããã
ãã®çãã¯ç¶ããã¯ããç§ãã¡ã¯ããªãã®æäŸãæåãããšä¿¡ããŠãããšãã«ç§ãã¡ã®ãã©ãããã©ãŒã ã«Reg D 506c Offeringsã眮ããŸãã
ç¶ããŠãéè²ã®ãã¿ã³ãã¯ãªãã¯ããŸãã
ãã®çãã¯ç¶ããããªãã¯ããäžåºŠãããèããããšããããŸã - ã³ãã¥ãã±ãŒã·ã§ã³ãéèŠã§ãã èŠå¶A +æ ªåŒCrowdFundingã«é¢ããŠã¯ãç¹ã«ããã§ãã æœåšçãªæè³å®¶ã¯ããªãã®æäŸã®äžæ žã§ãã éå§æ¥ããå®äºãŸã§ããããŠãã®åŸãç¶ç¶çã«ãæ£çŽã§ãéæã§ãççŽã§ãææ çã«éããŠããããšãéèŠã§ãã
å®å šãªåçãèªãã«ã¯ãäžã®éããã¿ã³ãã¯ãªãã¯ããŠãã ããã
ãã®çãã¯ç¶ããçãã¯ããŒã§ããããªãã¯ããªãã®äŒç€Ÿãåžå Žã«äžå Žããªãããšãéžã¶ããšãã§ããŸããããããã°ããªãã®æ ªã¯å ¬éãããŸããã ã¬ã®ã¥ã¬ãŒã·ã§ã³A +ã§ã¯ãåéåŸã«æ ªåŒãæµååããããšãã§ããŸãããå¿ é ã§ã¯ãããŸããã Tier 1ãªãã¡ãªã³ã°ã§ã¯ããªãã¡ãªã³ã°åŸã®å¯äžã®å ±åèŠä»¶ã¯ãããžãã¹ã«ãããéèŠãªå€æŽãSECã«å ±åããããšã§ãã
ã·ã§ãŒããããªãèŠãã«ã¯ãäžã®éããã¿ã³ãã¯ãªãã¯ããŠãã ããã
ãã®çãã¯ç¶ããèª°ïŒ (以äžã®äŸå€ãåç §ããŠãã ãã)ã äžçäžã®äž»æµæè³å®¶ã¯ä»¥äžã®æ¡ä»¶ã§æè³ã§ããŸã ã¬ã®ã¥ã¬ãŒã·ã§ã³A + ãã³ããã¿ã³ã»ã¹ããªãŒãã»ãã£ãã¿ã®æ¯æŽãåããŠæ ªåŒå ¬éãè¡ãäŒæ¥ã«ã äžè¬ã®æè³å®¶ã¯æè³ããã®ã«è£çŠã§ããå¿ èŠã¯ãããŸããã æè³å®¶ã¯äžçäžã®ã»ãŒã©ãããã§ãæè¿ãããŸãã
å¯äžã®å¶éã¯ãã¡ã€ã³ã¹ããªãŒãã®æè³å®¶ã¯èªå® ãé€ãã幎åã®10ïŒ ãŸãã¯çŽè³ç£ã®10ïŒ ãè¶ ããŠæè³ã§ããªãããšã§ãã ããã¯æè³å äŒæ¥ããšã®æè³å®¶ããšã®å¶éã§ããã以äžã«ã®ã¿é©çšãããŸãã ãã£ã¢2 ãäŸãç©ã æè³å®¶ã¯èªåã®åå ¥ãšçŽè³ç£ãèªå·±ç¢ºèªããããšãã§ããŸãã çºè¡è ã¯ç¬èªã«æ€èšŒããå¿ èŠã¯ãããŸããã
ããã§éèŠãªã®ã¯ãå¿ ãããè£çŠã§ã¯ãªããã¡ã€ã³ã¹ããªãŒããåºèº«ã®æè³å®¶ãåå ããŠããããšã ã ä»ã§ã¯äŒæ¥ã¯ããããŸã§åå ã§ããªãã£ãäœçŸäžäººãã®äººã ããæè³ãåããããšãã§ããããã«ãªããŸããã
èªå®æè³å®¶ (çŽè³ç£ 1 äžãã«ä»¥äž) ã¯ãæè³é¡ã«å¶éã¯ãããŸããã ç±³åœå€ããã®æè³å®¶ãåæ§ã®å¶éä»ãã§æè¿ããŸãã
泚æïŒ ãäœãŸãã®åœã®èŠå¶ã«ãããReg A+ ãªãã¡ãªã³ã°ãä»ããæè³ãå¶éãããå ŽåããããŸãã æè³å®¶ãšããŠãããªãã®åœã§é©çšãããèŠå¶ã確èªããå¿ èŠããããŸãã ç±³åœã§ã¬ã®ã¥ã¬ãŒã·ã§ã³ A+ èŠåãæœè¡ãããããšãåããŠãã«ããã®èŠå¶åœå±ã¯ã«ããã®ã¡ã€ã³ã¹ããªãŒãæè³å®¶ã«å¶éã課ãããããã»ãšãã©ã®ã¬ã®ã¥ã¬ãŒã·ã§ã³ A+ ã®ååã¯ã«ããã®ã¡ã€ã³ã¹ããªãŒãæè³å®¶ãåãå ¥ããŠããŸããã äŒæ¥ãã«ããå·ããå·ããšã«äºåæ¿èªãåŸãå Žåãã«ããã®ã¡ã€ã³ã¹ããªãŒãã®æè³å®¶ã¯Reg A+ãéããŠæè³ãèš±å¯ããããšã®éç¥ãåããŸããã
é¢é£æ§ã®ããã³ã³ãã³ãïŒ
èŠå¶A +ãšã¯äœã§ããïŒ
Reg A +ãžã®æè³ãäºçŽããããšã¯ã©ãããæå³ã§ããïŒ
Reg A +å éšè ãšæè³å®¶ã®ããã«èª¬æãããæµåæ§
ã¬ã®ã¥ã¬ãŒã·ã§ã³A +ã®æäŸãå®äºããããšãå ±åããããã®ç¶ç¶çãªã³ã¹ãã¯ãããã§ããïŒ
OTCQBããŒã±ãããã¬ã€ã¹ã«äžå Žããããšãéžæããå Žåã¯ãXNUMXãæã«XNUMXåã幎ã«XNUMXåã®ç£æ»ã§è²¡åå ±åãè¡ãå¿ èŠããããŸãããŸããOTCQXããŒã±ãããã¬ã€ã¹ã«äžå ŽããŠããå Žåã¯ãååæã«XNUMXå財åå ±åãè¡ãå¿ èŠããããŸãã幎次ç£æ»ä»ãã ããªãã®äŒç€Ÿããã倧ããªåžå Žã®èŠä»¶ãæºãããŠããå Žåã¯ãNASDAQãŸãã¯NYSEã«ããªãã®äŒç€Ÿãæ²èŒããããšãéžæã§ããŸãã
å®å šãªåçãèªãã«ã¯ãäžã®éããã¿ã³ãã¯ãªãã¯ããŠãã ããã
ãã®çãã¯ç¶ããç±³åœä»¥å€ã®STOããç±³åœã®SECèŠå¶ã®ç¯å²å ã§èšŒåžæäŸã«åãçµã¿ãªããç±³åœã®æè³å®¶ã«ã¢ã¯ã»ã¹ããæ¹æ³ãç¥ããç±³åœåžå Žã§åŒ·åãªãã¬ãŒã³ã¹ãæ§ç¯ããŠç±³åœåžå Žã§ããžãã¹ãæ§ç¯ããæ¹æ³ãç¥ãããšã¯æ··ä¹±ãæããŸãã ãã³ããã¿ã³ã¹ããªãŒããã£ãã¿ã«ã¯ãã¯ã©ã€ã¢ã³ãäŒæ¥ã®ãããã®åé¡ã解決ãããªãŒããŒã§ãã
äžã®éããã¿ã³ãã¯ãªãã¯ããŠãå®å šãªFAQãã芧ãã ãã
ãã®çãã¯ç¶ããäžçäžã®æè³å®¶ãä»»æã®èšèªã䜿çšããŠè¿ éãã€ç°¡åã«æè³ã§ããããã«ããŸãã
ãã¹ãŠã®äžè¬çãªæå·åéä¿¡ãåãå ¥ãã
æè³å®¶ã®è³ŒèªäŒç¥šã®é»å眲åãèªååããŸãã
æè³å®¶ã«KYCãšAMLãè¡ã
AMLã§æ¿èªãããæè³å®¶ãå®éã«æè³ããããŸããªå Žæã«è¡ã£ãŠããããšã確èªããŸãã
æè³å®¶ã®èªå®è³æ Œã確èªããïŒReg DïŒ
å®å šãªåçãèªãã«ã¯ãäžã®éããã¿ã³ãã¯ãªãã¯ããŠãã ããã
ãã®çãã¯ç¶ããããã¯Tier 1ãæé©ãªçæ³çãªç¶æ³ã§ãã
1ïŒããªãã®ãã¹ãŠã®æè³å®¶ã¯å°å ã®1ã€ã®å·ã«å±ããŠãããå·ã¯ããªãã®Blue Skyç³åã®è³æ ŒãååŸããã®ãç°¡åã§ãã ç¶æ ã®è©³çŽ°ãªãªã¹ããšãã®åäœæ¹æ³ãåç §ããŠãã ããã
2ïŒããªãã®äŒç€Ÿã¯ãState Blue Skyã®æåºèŠä»¶ããå é€ãããŠããéè¡ã§ãã
次ã®éããã¿ã³ãã¯ãªãã¯ããŠãã ããïŒ
ãã®çãã¯ç¶ããã¯ããç¶æ³ã«ãã£ãŠã¯ã åžå Žã®çŽ°ååã«åããŠããäŒæ¥ã®å ŽåãFundriseã䜿çšããã¢ãã«ãšåæ§ã®ã¢ãã«ã«åŸãããšã§ãè€æ°ã®è£œåãæäŸã§ããå¯èœæ§ããããŸãã åRegA +ãšã³ãã£ãã£ã¯ã¹ã¿ã³ãã¢ãã³ã®ããžãã¹ã§ããã2016ã€ã®ç®¡çãµãŒãã¹ãããã€ããŒãå ±æããŸãã ãã®ããã«ãFundriseã¯XNUMX幎以æ¥è€æ°ã®Reg A +ãªãã¡ãªã³ã°ãåæã«å®æœããŠããŸãããããŸã§ã®ãšããããã®ã¢ãã«ã¯äžåç£ã®ç¶æ³ã§SECã«ãã£ãŠã®ã¿èªå®ãããŠããŸãããSECã¯ä»ã®äºæ¥åéã§ãåãã¢ãããŒããèš±å¯ããå¯èœæ§ããããŸãã ãŸã ããããŸããã
ãã®ãããã¯ã®è©³çŽ°ã«ã€ããŠã¯ãäžã®éããã¿ã³ãã¯ãªãã¯ããŠãã ããã
ãã®çãã¯ç¶ããã¬ã€ãã³ã¹ãšããªãã®äŒç€Ÿã§æåããããã®ãã³ãReg A + OfferingïŒ
Reg A +è³é調éåžå Žã®ãã®åæ段éã§ã¯ãæåããããã«ã¯äŒæ¥ãæ¶è²»è æè³å®¶ãšåŒ·ãå ±é³Žããªããã°ãªããªããšãã蚌æ ããŸããŸãå¢ããŠããŸãã ãã®é åãšãããã³ãããŒãã®ã€ã³ãã¯ããšäºç®ã«ããäžæµã®ããŒã±ãã£ã³ã°ã«å ããŠãæ¶è²»è æè³å®¶ãæããçœåŒãæ©æã«èšŒæããããšãæ±ããããŠããŸãã ãããŒã«ãŒã»ãã£ãŒã©ãŒã»ã·ã³ãžã±ãŒãã«ãšã£ãŠé åçãªæäŸç©ã§ãã£ãŠãããããŒã«ãŒã¯ãæ©æã®æåãæ¶è²»è ããæããã«ãªããŸã§ã顧客ã«æäŸããããšã奚å±ããŸããã
è£çŠãªæè³å®¶ãæ©é¢ãåå ããã«ã€ããŠãReg A +ã«é©åããäŒæ¥ã®ç¯å²ãåŸã ã«åºãããŸãã ç»é²æè³é¡§åãæ¥å¹ŽåºŠã«Reg A +ã®æäŸéé¡ã«å°é¡ã®è³éãé åãå§ããããšãæåŸ ããŠãã ããã å æã«å ±åãããAIGã®èžã¿èŸŒã¿ã¯éèŠã§ãã
Reg A +補åã«ç¹æã®ãªãŒãã³ãã©ãŒã©ã ã§ã¯ãæåã®æ°é±éã®æåã¯ããªãã¡ãŒãé 調ã«é²ãã§ãããã¹ãŠã®é¢ä¿è ã瀺ãå¿ èŠããããŸãã
äŒæ¥ã¯ãåºå®è³ç£ãè³Œå ¥ããŠããªãéããè³é調éã®æäœé¡ãèšå®ããå¿ èŠããããŸãã ããã«ããããªãã¡ãŒãã©ã€ãã«ããŠæåã®ç· ãåããè¡ãããã®åŸã®ããŒã±ãã£ã³ã°ãè³é調éããæ¯æãããšã容æã«ãªããŸãã
å®å šãªçããèªãã«ã¯ãäžã®éããã¿ã³ãã¯ãªãã¯ããŠãã ããã
ãã®çãã¯ç¶ãããããã®ã³ãã¥ãã±ãŒã·ã§ã³ã«ãŒã«ã¯ãç»é²ããããããŒã«ãŒãã£ãŒã©ãŒã®å©ããåããã«ãããã°äŒæ¥ãåç¬ã§ãããè¡ãã®ã«åœ¹ç«ã¡ãŸãã åŸæ¥ã®ãªãã¡ãªã³ã°ã§ã¯ããããŒã«ãŒãã£ãŒã©ãŒã¯ãæè³å®¶ãææã§çºè¡è ã«å°ã仲ä»è ãšããŠæ©èœããŸãã äžè¬ã®äººã ã®éã§æè³å®¶ãæ¢ããŠããäŒç€Ÿã«ãšã£ãŠããããŒã«ãŒãã£ãŒã©ãŒã¯ã¬ã®ã¥ã¬ãŒã·ã§ã³Aã®æäŸãæåãããããã«å¿ èŠã§ã¯ãªããããããŸããã çºè¡è ã¯ããªãã¡ãªã³ã°ã«é¢ããç¬èªã®ããŒã±ãã£ã³ã°è³æãå ¬éããç¬èªã®ãªã³ã©ã€ã³ãã£ã³ããŒã³ããŒãžãäœæããéåžžã察象ãšãªãæè³å®¶ããŒã¹ãå§èªããããšãã§ããŸãã ããã¯ã顧客æè³å®¶ã®é¢äžã«é¢å¿ã®ããæ¶è²»è åãäŒæ¥ã«ç¹ã«é¢ä¿ããå¯èœæ§ããããŸãããç»é²ãããŒã«ãŒãã£ãŒã©ãŒã®é¢äžãªãã«å ¬åã§èšŒåžãçºè¡ããäŒæ¥ã¯ãç¹å®ã®å·ã§æ¬¡ã®ããã«ç»é²ããå¿ èŠãããå Žåãããããšã«æ³šæããå¿ èŠããããŸããçºè¡è -ãã£ãŒã©ãŒããŸãã¯ãã®ç®¡çããŒã ã®ã¡ã³ããŒãçºè¡è ã®ãšãŒãžã§ã³ããšããŠç»é²ãããŸãã ãã®èŠæžã¯ããã®ãããªç»é²ãå¿ èŠãšããç¹å®ã®å·ã§èšŒåžã®æäŸããã³è²©å£²ãè¡ãéã®çºè¡è ããã³çºè¡è ã®ä»£ç人ã®ç»é²èŠä»¶ã®æŠèŠãæäŸããŸãã ãã®èŠæžã¯ãèŠå¶Aã®Tier 2ã«åºã¥ããªãã¡ãªã³ã°ã«çŠç¹ãåœãŠãŸããããã¯ãTier 2ããªãã¡ãªã³ã°ã®å·ã¬ãã¥ãŒã®åªå æš©ãèŠå®ããTier2ãªãã¡ãªã³ã°ã«åºã¥ããŠè²©å£²ããã蚌åžã¯èšŒåžæ³ã®ã»ã¯ã·ã§ã³18ã«åºã¥ãã察象蚌åžããšèŠãªãããããã§ãã
å®å šãªããã¹ããèªãã«ã¯ãäžã®éããã¿ã³ãã¯ãªãã¯ããŠãã ããã
ãã®çãã¯ç¶ããç¹å¥ãªã·ãŒã±ã³ã¹ã¯ãããŸããã奜ã¿ã¯ãããŸããã äŒç€Ÿèªäœãããã³ãªãã¡ãªã³ã°ã®è²©å£²æ ªäž»ã¯ããªãã¡ãªã³ã°å šäœãéããŠæ¯äŸé åã§æµååãããŸãã ãããã£ãŠãããšãã°ããªãã¡ãªã³ã°ãæ倧ç®æšã®92ïŒ ã§çµäºããå Žåããªãã¡ãªã³ã°ã®ãã¹ãŠã®å£²åŽæ ªäž»ã¯ããã®ãªãã¡ãªã³ã°ã§å£²åŽããäºå®ã®æ ªåŒã®92ïŒ ã売åŽããããšã«ãªããŸãã
ãã®çãã¯ç¶ããã¯ãã ç±³åœãŸãã¯ã«ããã«äŒç€Ÿãèšç«ããå Žåããã®ãšã³ãã£ãã£ã䜿çšããŠReg A +ã䜿çšã§ããŸãã
詳现ã¯ä»¥äžãã¯ãªãã¯ããŠãã ããïŒ
ãã®çãã¯ç¶ããReg D / Reg Sã®ããã®ã¹ã±ãžã¥ãŒã«è»¢æå¯èœãªããŒããéããSTO
詳现ãªåçã«ã€ããŠã¯ãäžã®éããã¿ã³ãã¯ãªãã¯ããŠãã ããã
ãã®çãã¯ç¶ããReg A +ã·ã¹ãã ã®åªããç¹ã®XNUMXã€ã¯ãäŒç€Ÿãåºã販売ã§ããããšã§ãã ããã¯ãåŸæ¥ã®IPOãéããªæéãã®å察ã§ãã ããã¯ãSECããªãã¡ãªã³ã°ãèªå®ããåã«ãäŒç€Ÿã売ã蟌ã¿ãææåã®ãªãäºçŽãåéããããšãèš±å¯ãããŠããããšãæå³ããŸãïŒãããè¡ããªããšæåããŸããïŒã SECèªå®åŸãæè³ãçã¿åºãããã®ããããæ¹æ³ãéããŠãå®éã®æè³å®¶ã«ç©æ¥µçã«å£²ã蟌ãããšãã§ããŸãã
å®å šãªåçãèªãã«ã¯ãäžã®éããã¿ã³ãã¯ãªãã¯ããŠãã ããã
ãã®çãã¯ç¶ããã¯ã©ã³ããä»ããŠRegA + STOã®ã¹ã±ãžã¥ãŒã«
詳ãã解çã¯éããã¿ã³ãã¯ãªãã¯ããŠãã ããã
ãã®çãã¯ç¶ããã³ã³ããŒããã«ããŒãã«ããReg A + STOã®ã¹ã±ãžã¥ãŒã«
詳ããçãã¯äžã®éããã¿ã³ãã¯ãªãã¯ããŠãã ããã
ãã®çãã¯ç¶ãããã¹ããŠã©ãŒã¿ãŒãºïŒTestingTheWatersïŒTMïŒïŒã¯ãäŒæ¥ãã¬ã®ã¥ã¬ãŒã·ã§ã³A +è³æ¬èª¿éãæåãããã®ã«ååãªæè³å®¶ã®é¢å¿ããããã©ããã調ã¹ãããã«ãåžå Žèªäœããã¹ãããããšãå¯èœã«ããŸãã
SECã¯ãã®ããã°ã©ã ãäœæããã®ã§ãäŒæ¥ã¯SECãã¡ã€ãªã³ã°ãäœæããŠç£æ»ãè¡ãããã«ãããæéãšãéãè²»ããåã«ããã®ãã¹ããè¡ãããšãã§ããŸãã SECã«ãããäŒæ¥ã¯ã»ãšãã©å¶éãªãã«TestTheWatersïŒTMïŒã§èªç€Ÿã売ã蟌ãããšãã§ããŸãã ãã®ãããäŒæ¥ã¯ãœãŒã·ã£ã«ã¡ãã£ã¢ãé»åã¡ãŒã«ããªã³ã©ã€ã³åºåãªã©ã䜿çšããŠè²»çšå¯Ÿå¹æã®é«ãæ¹æ³ã§ãã¹ããå®æœã§ããŸãã ãã®ããã»ã¹ã®éã«ãç§ãã¡ã¯æœåšçãªæè³å®¶ã圌ãã奜ããªäŒç€Ÿã§ææåã®ãªãäºçŽãããèœåãæäŸããŸãã æé¡$ 1,000ãè«æ±ããæ¯æåæãããŸãã
å®å šãªåçãèªãã«ã¯ãäžã®éããã¿ã³ãã¯ãªãã¯ããŠãã ããã
ãã®çãã¯ç¶ããããã¯ãReg A + IPOãå®äºãããã¥ãŒãšãŒã¯èšŒåžååŒæãŸãã¯ãã¹ããã¯ã«äžå ŽããŠããäŒæ¥ã®ãªã¹ãã§ã
ArcimotoãInc. - $ 19äž ïŒãã¹ããã¯ïŒã
ãªã¹ãå šäœã衚瀺ããã«ã¯ãäžã®éããã¿ã³ãã¯ãªãã¯ããŸãã
ãã®çãã¯ç¶ãã
ã»ãã¥ãªãã£ããŒã¯ã³ã¯ãSECèŠåã®1ã€ãä»ããŠæè³å®¶ã«è²©å£²ãããããŒã¯ã³ã§ãã Reg D, Reg S, Reg A + ãšRegCFã¯è¯ãäŸã§ãã ç»é²S-1IPOã¯å¥ã®ã«ãŒãã§ãã
å®å šãªåçãèªãã«ã¯ãäžã®éããã¿ã³ãã¯ãªãã¯ããŠãã ããã
ãã®çãã¯ç¶ããåã¹ã±ãžã¥ãŒã«g A +ãã£ã¢2 STO
- 1. ããªãã®äŒç€Ÿã«æé©ãªè³é調éæ¹æ³ãéžæããŠãã ãããããã¯ããã€ãã®ç°ãªãèŠå ã«äŸåããŸãã 詳现ã«ã€ããŠã¯æ³åŸäžã®ã¢ããã€ã¹ãåããŠãã ããã 蚌åžåŒè·å£«ã«ãå§ãããŸãã 360°ããŒã±ãã£ã³ã°ãã£ã³ããŒã³ã管çããããŒã±ãã£ã³ã°ä»£çåºãéžæããŠãã ããã çµéšè±å¯ãªããŒã±ãã£ã³ã°ãšãŒãžã§ã³ã·ãŒãã玹ä»ããŸãã æ³çå©èšãåŸãã
- 2.A Tier 2ãªãã¡ãªã³ã°ã®å Žåã2幎éã®ç£æ»ãå¿ èŠã§ããäŒç€Ÿã®åç¶æéãXNUMX幎æªæºã®å Žåãç£æ»æéã¯äŒç€Ÿã®å¹Žéœ¢ã«ãªããŸãã
- 2.B SECã®æåºãè¡ãããã«ãæ³çãµãŒãã¹ãããã€ãã«åŸäºããã ç§ãã¡ã¯ããªããè¯ããµãŒãã¹ãããã€ãã«çŽ¹ä»ããããšãã§ããŸãã
- 3.A SECã«ãã©ãŒã 1Aæåºãéå§ããŸãã SECã«ãã£ãŠèªå®ãåããã
詳ããçãã¯äžã®éããã¿ã³ãã¯ãªãã¯ããŠãã ããã
ãã®çãã¯ç¶ããA Reg A + Tier 1STOã®ã¹ã±ãžã¥ãŒã«
- 1. ããªãã®äŒç€Ÿã«æãé©ããè³é調éæ¹æ³ãéžæããŸããããã¯ããã€ãã®ç°ãªãèŠçŽ ã«äŸåããŸãã 詳现ã«ã€ããŠã®æ³çå©èšãåŸãã 蚌åžåŒè·å£«ã«ãå§ãããŸãã ããªãã®360°ããŒã±ãã£ã³ã°ãã£ã³ããŒã³ã管çããããŒã±ãã£ã³ã°ãšãŒãžã§ã³ã·ãŒãéžã³ãŸããã çµéšè±å¯ãªããŒã±ãã£ã³ã°ãšãŒãžã§ã³ã·ãŒãã玹ä»ããŸãã
- 2. SECã®æåºãè¡ãããã«ãæ³çãµãŒãã¹ãããã€ãã«åŸäºããã ç§ãã¡ã¯ããªããè¯ããµãŒãã¹ãããã€ãã«çŽ¹ä»ããããšãã§ããŸãã äŒç€Ÿã®è²¡åãæºåããã
- 3.A Tier 1 STOã§ã¯ãç±³åœä»¥å€ã®æè³å®¶ããã»ãšãã©ã®è³éã調éããããšãéžæã§ããŸãã ç±³åœã®æè³å®¶ãããéãåãåãããšãã§ããããã«ããã«ã¯ãäŒæ¥ã¯æè³å®¶ãåãå ¥ããåå·ã®é空æ³ãæºãããªããã°ãªããŸããã ãã®ããã»ã¹ã¯è²»çšãããããæéãããããŸãã å¹ççãªBlueSkyãã¡ã€ãªã³ã°ããã»ã¹ãåãããã¥ãŒãšãŒã¯ã®ãããªå·ã®æè³å®¶ããã®æè³ã®ã¿ãåãå ¥ããããšãéžæã§ããæ®ãã®è³éã¯ç±³åœå€ãã調éã§ããŸãã
詳ããçãã¯äžã®éããã¿ã³ãã¯ãªãã¯ããŠãã ããã
ãã®çãã¯ç¶ããReg D STOã®ã¹ã±ãžã¥ãŒã«
- 1 ããªãã®360°ããŒã±ãã£ã³ã°ãã£ã³ããŒã³ã管çããããŒã±ãã£ã³ã°ãšãŒãžã§ã³ã·ãŒãéžã³ãŸããã çµéšè±å¯ãªããŒã±ãã£ã³ã°ãšãŒãžã§ã³ã·ãŒãã玹ä»ããŸãã
- 2.A SECã®æåºãè¡ãããã«ãæ³çãµãŒãã¹ãããã€ãã«åŸäºããã ç§ãã¡ã¯ããªããè¯ããµãŒãã¹ãããã€ãã«çŽ¹ä»ããããšãã§ããŸãã
- 2.B ããŒã±ãã£ã³ã°ãšãŒãžã§ã³ã·ãŒã¯ããã³ããã¿ã³ã»ã¹ããªãŒãã»ãã£ãã¿ã«ããããªãPRãã°ã©ãã£ãã¯ã¹ããœãŒã·ã£ã«ã¡ãã£ã¢ã»ã¢ã«ãŠã³ãã宣äŒåºåãæäŸããŠããŸãã
詳ããçãã¯äžã®éããã¿ã³ãã¯ãªãã¯ããŠãã ããã
ãã®çãã¯ç¶ãããããªãã¯ã·ã§ã«ãè³Œå ¥ããããšã¯ãäžèŠæš¡äŒæ¥ãæé·ã®ããã«èªå·±è³æ¬ã調éããäžã€ã®æ¹æ³ã§ãã ããã¯é«äŸ¡ã§è€éãªãã®ã§ãããéå»ã«å€±æããå€ãå ¬çäŒç€Ÿã®åŠå®çãªæŽå²ãä¹ãè¶ããããšãå°é£ãªå ŽåããããŸãïŒãã®å€±æã¯è³Œå ¥å¯èœãªçç±ã§ãïŒã
æ¯èŒã«ãããŠã èŠå¶A +ã®ãªãã¡ãªã³ã° ã¯ããã«ã·ã³ãã«ã§å®äŸ¡ã§ãæ°é®®ã§æ°ãããã®ã§ãã Reg A +ã®äŒæ¥ããã幎é75äžãã«ã®å¶éã¯ãããå€ãã®è³æ¬ã調éããŠããäžéšã®äŒæ¥ãäŸç¶ãšããŠéå䜵ã«ãŒããé²ãå¿ èŠãããããšãæå³ããŸãã
ãã³ããã¿ã³ã¹ããªãŒããã£ãã¿ã«ã¯ããTestTheWatersTMãããã°ã©ã ã«åå ããã¡ã³ããŒããé«ãè©äŸ¡ãåããäŒæ¥ã«å¯ŸããŠã®ã¿è³é調éãè¡ããæè³å®¶ããææåã®ãªãIndicationOfInterestïŒTMïŒ$ã¬ãã«ãéæããäŒæ¥ããªãŒããŒãµãã¹ã¯ã©ã€ããããããšã瀺ããŸãã
å®å šãªçããèªãã«ã¯ãäžã®éããã¿ã³ãã¯ãªãã¯ããŠãã ããã
ãã®çãã¯ç¶ããéå ¬åŒã®äŒç€Ÿã®å€èŠ³ã奜ããªãšã TestTheWatersïŒTMïŒ ã¹ããŒãžãããã³ææåã®ãªãäºçŽããããå Žåãç§ãã¡ã¯ããããç§ã®æè³ãäºçŽããããšåŒã³ãŸãã æè³å®¶ã«ãšã£ãŠã®å©ç¹ã¯æ¬¡ã®ãšããã§ãã
ãã®åŸãäŒç€Ÿãè³æ¬èª¿éãå®äºãããšãIssuePriceïŒTMïŒïŒãã®æ ªåŒãäŒç€Ÿã«ãã£ãŠå£²åŽããã1æ ªåœããã®äŸ¡æ ŒïŒã§ããã®æäŸã®ã¹ããŒã¹ãäºçŽããããšã«ãªããŸãã
å®å šãªåçãèªãã«ã¯ãäžã®éããã¿ã³ãã¯ãªãã¯ããŠãã ããã
ãã®çãã¯ç¶ããã¬ã®ã¥ã¬ãŒã·ã§ã³A +ã¯ãSECã®ç£ç£äžã«ããåŸæ¥ã®å ¬åãšåæ§ã§ããããããããã¯ããã«åºç¯å²ã§ã¯ãªã詳现ãªé瀺ãèŠæ±ããŠããŸãã ããªããèŠããèããããããããããªãããããåçŽãªèŠä»¶ãæã€RedHerringïŒTMïŒã«ã€ããŠèããŠã¿ãŠãã ããã Reg A +ãªãã¡ãªã³ã°ãäœæããããã«SECããèš±å¯ãç³è«ããããã»ã¹ã«ã¯ãEDGARã䜿çšãããªã³ã©ã€ã³äœæ¥ãå«ãŸããŸãã ãã©ãŒã 1Aã¯ãSECã«æåºããå¿ èŠã®ããææžã§ãã SECãžã®å¯Ÿå¿ã¯ãå€æ®µéã®ããã»ã¹ã«ãªãå¯èœæ§ããããŸãã
å®å šãªåçãèªãã«ã¯ãäžã®éããã¿ã³ãã¯ãªãã¯ããŠãã ããã
ãã®çãã¯ç¶ããã1æªæºã®å·¥å Žã調éããŠããå Žåã¯ã20補åã䜿çšããªããã°ãªããŸããã.
éããŸãã Tier2ã¬ã®ã¥ã¬ãŒã·ã§ã³A +ã®æäŸã¯ã20äžãã«ã§ã¯ãªãããŒãããå§ãŸããŸãã Tier 1ã®æäŸããŒãããå§ãŸããäžéã¯20äžãã«ã§ãã ããããTier 2ã®æäŸã¯ãŒãããå§ãŸããäŒæ¥ããã幎éæ倧75äžãã«ã«ãŸã§åã³ãŸãã
å®å šãªçããèªãã«ã¯ãäžã®éããã¿ã³ãã¯ãªãã¯ããŠãã ããã
ãã®çãã¯ç¶ããSECã¯æå°éã®æ¡ä»¶ã§æäŸããŠããŸãã äœãæäœéã®å©ç¹ã¯ãæäŸé¡ããããè¶ ããå Žåãæåã®ç· ãåŠçãè¡ãããæè³åçããæè³å®¶ã«ç¶ç¶çãªããŒã±ãã£ã³ã°è²»çšãæ¯æãããšãã§ããããšã§ãã
å®å šãªåçãèªãã«ã¯ãäžã®éããã¿ã³ãã¯ãªãã¯ããŠãã ããã
ãã®çãã¯ç¶ããPCAOBç£æ»ã¯Tier 2 Regulation Aãªãã¡ãªã³ã°ã§ã¯å¿ èŠãããŸããããã¡ãããTier 1ãªãã¡ãªã³ã°ã§ã¯ç£æ»ã¯å¿ èŠãããŸããïŒãã ããç£æ»ãå¿ èŠãªåœããããŸãããPCAOBã¯å¿ èŠãããŸããïŒã
äžã®éããã¿ã³ãã¯ãªãã¯ããŠè©³çŽ°ãã芧ãã ããã
ãã®çãã¯ç¶ããã¯ãã 以äžã®æ¡ä»¶ãé©çšãããç¹å®ã®ç¶æ³ã§ã¯ïŒ
1ïŒSECã®å ±å矩åãææ°ã®ç¶æ ã«ä¿ã¡ã
éããã¿ã³ãã¯ãªãã¯
ãã®çãã¯ç¶ãããã®FAQã¯ãRegA+ããã³RegDã«é¢é£ãã蚌åžã«ãŒã«ã«é¢ããSaraHanksãšã®RodTurnerã«ããSTOãŠã§ãããŒããŸãšãããã®ã§ãã
ã€ã³ã¿ã©ã¯ãã£ããªãŠã§ãã»ãããŒã§ã¯ã次ã®è³ªåã«çããŠããŸãã
- 蚌åžããŒã¯ã³ãšãŠãŒãã£ãªãã£ããŒã¯ã³ã®éãã¯äœã§ããïŒ
- ããªãã®ã»ãã¥ãªãã£ããŒã¯ã³ã®æäŸæ¹æ³ã¯æ£ããã§ããïŒ
-STOã«ã¯ã©ã®ãããªæ³åŸãé©çšãããŸããïŒ
- STOã«äœ¿çšã§ããæ䟡蚌åžå é€èŠå®ã¯äœã§ããïŒ
- SECã®ç³è«æç¶ãã¯ã©ã®ããã«æ©èœããŸããïŒ
ãã®çãã¯ç¶ããåé¡ã¯ãã¬ã®ã¥ã¬ãŒã·ã§ã³A +ã®æäŸã®ããã«æè³å®¶ã«ããŒã±ãã£ã³ã°ããããã®ã³ã¹ãã¯ãããã§ããã ããããèŠå ã§ãã 販売ã容æãªãªãã¡ãªã³ã°ã§åé¿ã§ããæå°å€ã¯4ïŒ ã§ãããããŒã±ãã£ã³ã°ã³ã¹ãã§ã¯6ã9ïŒ ãããäžè¬çã§ãã ïŒããŒã»ã³ããŒãžã§è«æ±ãããŸããïŒã€ãŸãããã¹ãŠã®ããžã¿ã«ããŒã±ãã£ã³ã°ã³ã³ããŒãã³ãããœãŒã·ã£ã«ã¡ãã£ã¢ãåºå ±ãåºåãããã³ãããã®ããŸããŸãªã³ã³ããŒãã³ãã«ã€ããŠèããå¿ èŠããããŸãã ãã®åéã®ã¹ãã·ã£ãªã¹ãã§ãã代çåºããããŸãã ããªãã¯ãããã®XNUMXã€ã䜿çšããããšã«ãã£ãŠããªãã®æ¯åºã«èŠåãæ倧ã®å¹æãšæ倧ã®äŸ¡å€ãæã¡ãããã§ããªãã¯ãªã¹ã¯ãæžãããŸãã å°éã®ãããã®ä»£çåºã®XNUMXã€ã䜿çšããããšã«ãããå©çãå¢ããããªã¹ã¯ãæžãããŠã³ã¹ããåæžããŸãã ã³ã¹ãæ§é ã«é¢ããŠã¯ä»¥äžã§ãã å®è£ èŠå ã¯ãå€ãã®æ¶è²»è ãããã奜ã補åãŸãã¯ãµãŒãã¹ããã§ã«æã£ãŠããŠã匷åãªãœãŒã·ã£ã«ã¡ãã£ã¢ã®ååšæãããå Žåããããã¯ã³ã¹ããåæžããè³é調éãå®äºããããããããšã§ãã
å®å šãªåçãèªãã§ãããªãèŠãã«ã¯ãäžã®éããã¿ã³ãã¯ãªãã¯ããŠãã ããã
ãã®çãã¯ç¶ããããããPEãã¡ã³ããŸãã¯ãã©ã€ããŒããšã¯ã€ãã£ãã¡ã³ãã¯ãèŠå¶A +ã䜿çšããŠè³æ¬ã調éããããšã¯ã§ããŸããã
ãã®çãã¯ç¶ããTier 2ãªãã¡ãªã³ã°ã®å Žåãçºè¡è ã¯ããªãã¡ãªã³ã°ã¹ããŒãã¡ã³ããšå¹Žæ¬¡å ±åæžã§éå»XNUMX幎éã®ç£æ»æžã¿è²¡åè«žè¡šãæäŸããå¿ èŠããããŸãïŒäŒç€Ÿãããã»ã©é·ãååšããŠããå Žåãããã§ãªãå Žåã¯äŒç€Ÿã®å®éã®åç¶æéäžïŒã ããšãã°ãXNUMX幎åã®äŒç€Ÿã¯ãXNUMX幎éã®ç£æ»çµæãæäŸããå¿ èŠããããŸãã
SECã«æåºãããã¹ãŠã®Tier 2 Reg A +æåºæžé¡ã¯ãGAAPã«åŸã£ãŠäœæããå¿ èŠããããReg A Tier 2ã¯ç£æ»æèŠæžãèŠæ±ããŸãã
å®å šãªåçãèªãã«ã¯ãäžã®éããã¿ã³ãã¯ãªãã¯ããŠãã ããã
ãã®çãã¯ç¶ããç±³åœå€ã§å€§éšåã®è³éã調éããäŒæ¥ã¯ãç±³åœå ã§Bue Skyã®æåºãè¡ãå¿ èŠããªãããã1å±€ã«æé©ã§ãã
ãã1ã€ã®è¯ãç¶æ³ã¯ãäŒç€ŸãBlue Skyãã¡ã€ãªã³ã°ãç°¡åã«éå§ã§ããã1ã€ãŸãã¯2ã€ã®å·ã®ãã¹ãŠã®ææãªæè³å®¶ãæ±ããŠããå Žåã§ãã
ãã®ãããã¯ã®è©³çŽ°ã«ã€ããŠã¯ãäžã®éããã¿ã³ãã¯ãªãã¯ããŠãã ãã
ãã®çãã¯ç¶ãããã³ããã¿ã³ã¹ããªãŒããã£ãã¿ã«ã®ãCompanyOfferingsãããŒãžã¯ãäŒæ¥ãèªç€Ÿã®è£œåã売ã蟌ã¿ãå°æ¥ã®æè³å®¶ãšäº€æµããæ©äŒãæäŸããã€ã³ã¿ã©ã¯ãã£ããªãã©ãããã©ãŒã ã§ãã ãã®æ®µéã§ã¯ãæè³ãè¡ãããšã¯ã§ããŸããã ããã¯ãTestingTheWatersïŒTMïŒãšãåŒã°ããŸãã
ããã¯å°æ¥ã®æè³å®¶ããã®ææåã®ãªãIndicationsOfInterestïŒTMïŒãŸãã¯ReservationsOfInvestmentïŒTMïŒãã«ã环ç©ããããŒãžã§ãã ããã«ãããäŒæ¥ã¯åœŒããæ±ããè³æ¬ãéŠå°Ÿããäžããããšãã§ãããã©ãããç°¡åã«ç¥ãããšãã§ããŸãã ããã»ã¹äžãäŒæ¥ã¯æŽå¯åãåŸãŠããã®ã¿ã€ãã®è³éãé©åãã©ãããå€æããããšãã§ããŸãã å®å šãªçããèªãã«ã¯ãäžã®éããã¿ã³ãã¯ãªãã¯ããŠãã ããã
ãã®çãã¯ç¶ããæåã®ã¯ããŒãžã³ã°ã®æäœé¡ã100äžãã«ãªã©ã®äœãæäœé¡ã«ã¯ãèŠå¶A +ã®æäŸãè¡ã£ãŠããäŒæ¥ã芳å¯ããããšã«åºã¥ãããã€ãã®éèŠãªå©ç¹ããããŸãã
1ïŒæå°å€ãäœããšããããŒã«ãŒã»ãã£ãŒã©ãŒã«ãšã£ãŠéåžžã«éèŠãªããã»ã¹ã®éåžžã«æ©ã段éã§ãªãã¡ãªã³ã°ãçŸå®çãŸãã¯ãå¹æçãã«ãªããŸãããããè¡ããããŸã§ã圌ãã¯é¢äžããŸããã æå°å€ãé«ãã»ã©ããããŒã«ãŒãã£ãŒã©ãŒã·ã³ãžã±ãŒãããã®ãšã³ã²ãŒãžã¡ã³ãã¯å°ãªããªããäŒæ¥ã¯ãŸã£ãããšã³ã²ãŒãžã¡ã³ããè¡ããªããªãããšã«ãªããŸãã
èªãããã« ã³ã³ããªãŒã äžã®éããã¿ã³ãã¯ãªãã¯ããŠãã ããã
ãã®çãã¯ç¶ããã¯ãã ç±³åœãŸãã¯ã«ããã«äŒç€Ÿã®æ³åæ¬éšãèšçœ®ããå Žåã¯ãReg A +ã䜿çšããŠè³éã調éããããšãã§ããŸãã ãã®ã«ãŒãããšãã»ãšãã©ã®äŒæ¥ã¯ããã©ãŠã§ã¢ã«ãCãæ³äººãèšç«ããŸããããLLCãŸãã¯ãªããããããŒãããŒã·ãããèšç«ããããšãã§ããŸãã
äžã®ãã¿ã³ãã¯ãªãã¯ããŠããã®ãããã¯ã®è©³çŽ°ãã芧ãã ããã
ãã®çãã¯ç¶ããããªãã®äŒç€Ÿã¯ãæ°ããSECãšã¯ã€ãã£ã¯ã©ãŠããã¡ã³ãã£ã³ã°ã«ãŒã«ã«ã¯ã©ãã«åã£ãŠããŸããïŒ
SECã¯ãJOBSæ³ïŒ2016幎2015ææ«ã«çºå¹ïŒã®éèŠãªéšåãšããŠãã¡ã€ã³ã¹ããªãŒãã®æè³å®¶ãæ°éã®ã¹ã¿ãŒãã¢ããäŒæ¥ã«æè³ã§ããããã«EquityCrowdFundingãæ¡åŒµããæ°ããã«ãŒã«ãå ¬éããŸããã 2015幎XNUMXæãSECã¯ãã¬ã®ã¥ã¬ãŒã·ã§ã³A +ãŸãã¯RegA +ãšåŒã°ããç»æçãªæ°ããã«ãŒã«ãç¥ããŠå ¬éããŸããïŒXNUMX幎XNUMXæçºå¹ïŒã
è³é調éã®ç¶æ³ã¯ãããæ°å幎ã§æ倧ã®å€åãéããŠããŸãã çŸåšããªã³ã©ã€ã³ãã©ãããã©ãŒã ã䜿çšããè³é調éã®é£ç¶æ§ããããã¹ã¿ãŒãã¢ãããããã100äžãã«ã®ã·ãŒããã£ãã¿ã«ã調éãã確ç«ãããäŒæ¥ã75瀟ããã幎éæ倧XNUMXäžãã«ã調éããŠããŸãã å®å šãªåçãèªãã«ã¯ãäžã®éããã¿ã³ãã¯ãªãã¯ããŠãã ããã
ãã®çãã¯ç¶ããç±³åœãŸãã¯ã«ããã«æ³äººæ¬ç€Ÿãèšçœ®ããå¿ èŠããããŸã
å®å šãªåçãèªãã«ã¯ãäžã®éããã¿ã³ãã¯ãªãã¯ããŠãã ããã
ãã®çãã¯ç¶ãããã€ããªããRegA +ãªãã¡ãªã³ã°ã«ã¯ããªã³ã©ã€ã³æè³ãã©ãããã©ãŒã ãžã®å人æè³å®¶ã®ããŒã±ãã£ã³ã°ãšãã¯ã©ã€ã¢ã³ãæè³å®¶ãšé¢ãããæã€ãããŒã«ãŒãã£ãŒã©ãŒãŸãã¯ã·ã³ãžã±ãŒã/ã¢ã³ããŒã©ã€ã¿ãŒã§äœ¿ãããããœãããŠã§ã¢ã®äž¡æ¹ãå«ãŸããŸãã
詳ãã説æã¯äžã®éããã¿ã³ãã¯ãªãã¯ããŠãã ããã
ãã®çãã¯ç¶ããç¹å®ã®çš®é¡ã®åçŽãªè² åµã§60ïŒ ä»¥äžãæ ªåŒä¿æã§40ïŒ ä»¥äžã䜿çšãããã³ãã£ãŒãã£ãã¿ã«ãã¡ã³ãã¯ãReg A +ã䜿çšã§ããŸãã
ãã®ãããã¯ã®è©³çŽ°ã«ã€ããŠã¯ãäžã®éè²ã®ãã¿ã³ãã¯ãªãã¯ããŠãã ããã
ãã®çãã¯ç¶ãã財åè«žè¡šã¯9ãæ以äžçµéããããšã¯ã§ããŸããã ããšãã°ã31æXNUMXæ¥ã®è²¡åè«žè¡šã¯ãç¿å¹Žã®XNUMXææ«ã«å€±å¹ããŸãã
財åãå€ããªã£ãŠãããã©ããã枬å®ãããã€ã³ãã¯ãïŒããããã®ïŒãã©ãŒã 1-ASECãã¡ã€ãªã³ã°æããã³SECèªå®æã§ãã
ãã®çãã¯ç¶ããHoweyãã¹ã
SECã®æé«è£å€æ±ºv Howeyã¯ãå¥çŽæž
æè³å¥çŽãå«ãŸããŸãã æè³å¥çŽã¯ãååŒãäžçš®ã®èšŒåžã§ããããšãæå³ããŸãã
å®å šãªåçãèªãã«ã¯ãäžã®éããã¿ã³ãã¯ãªãã¯ããŠãã ããã
ãã®çãã¯ç¶ãã- ãã©ãŒã 1-K ã«ãã幎次ç£æ»
- ãã©ãŒã 1-SA ã®å幎ããšã®ã¬ããŒã
- ãã©ãŒã 1-Uã®ææ°ã¬ããŒã
- ãã©ãŒã 1-Zã§ã®ã¿å±€1ã®åºå£å ±åæž
å®å šãªåçãèªãã«ã¯ãäžã®éããã¿ã³ãã¯ãªãã¯ããŠãã ããã
ãã®çãã¯ç¶ããã客æ§ã®ç¶æ³ã«åã£ããããŒã«ãŒãã£ãŒã©ãŒãã玹ä»ããŸãã å€ãã®RegA +ãªãã¡ãªã³ã°ã§ã¯ããããŒã«ãŒãã£ãŒã©ãŒãšååããŠãSECãšååããŠããªãå·ããã®æè³å®¶ã«ç°¡åã«ã¢ã¯ã»ã¹ã§ããããã«ããã®ãæåã®æ¹æ³ã§ãã ãã®ããã«ã1ïŒ ã®ææ°æãè«æ±ãããããŒã«ãŒã玹ä»ããŸãã
å®å šãªåçãèªãã«ã¯ãäžã®éããã¿ã³ãã¯ãªãã¯ããŠãã ããã
ãã®çãã¯ç¶ããè³é調éã«å ããŠããã³ããã¿ã³ã¹ããªãŒããã£ãã¿ã«ã¯ãäŒæ¥ãã¬ã®ã¥ã¬ãŒã·ã§ã³A +ã®æäŸãããã²ãŒãããããã®ãã«ããšã¬ã€ãã³ã¹ãæäŸããŸãã ã¡ã³ããŒããµã€ãã«åå ããŠãããªãœãŒã¹ãšããåãããããšã§ãæè³å®¶ãžã®å£²ã蟌ã¿ãæ¹åããæ ªåŒæäŸæ¡ä»¶ãæ¹åãããæäŒããããŸãã
å®å šãªåçãèªãã«ã¯ãäžã®éããã¿ã³ãã¯ãªãã¯ããŠãã ããã
ãã®çãã¯ç¶ããåèšãããšãããã»ã¹å šäœã§çŽ4ã6ãæããããšäºæ³ãããŸãã ããã«ãããTestTheWatersïŒTMïŒã«çŽXNUMXãæããããŸãã
æéã®ã«ãŒãã¯ããªãã¡ãªã³ã°ã®è²©å£²æºåãéå§ããåæã«SECãžã®ãã©ãŒã 1-Aãã¡ã€ãªã³ã°ãéå§ããããšã§ãã å®å šãªåçãèªãã«ã¯ãäžã®éããã¿ã³ãã¯ãªãã¯ããŠãã ããã
ãã®çãã¯ç¶ãã2018幎XNUMXæãŸã§ãå ¬éäŒç€Ÿã¯Reg A +ã䜿çšããŠè³éã調éããããšãèš±å¯ãããŠããŸããã§ããã ä»é±ã ã¬ã®ã¥ã¬ãŒã·ã§ã³A + é£éŠæ³å¶ã«ãããå ¬çå ±åäŒç€Ÿã¯Reg A +å¢è³ãè¡ãããšãã§ããããã«ãªããŸããã
å®å šãªåçãèªãã«ã¯ãäžã®éããã¿ã³ãã¯ãªãã¯ããŠãã ããã
ãã®çãã¯ç¶ãã
ããã§ã¯ãReg A+ ã§ãããŒã«ãŒãã£ãŒã©ãŒã䜿çšãããªãã·ã§ã³ãšããããŒã«ãŒãã£ãŒã©ãŒã䜿çšããããšãéžæããå Žåã®ãªãã·ã§ã³ã«ã€ããŠèª¬æããŸãã ãããŠããããããåé¡å·ãã§ãããããµã¹å·ããããªãå·ãã¯ã·ã³ãã³å·ããã¥ãŒãžã£ãŒãžãŒå·ã«ã€ããŠã説æããŸãã ã°ã«ãŒããšããŠã圌ãã¯ã ç±³åœã®æè³åžå Žã®14ïŒ ãå ãããããªãå·ïŒ8ïŒ ïŒãšãããµã¹å·ïŒ6ïŒ ïŒã1äœãšXNUMXäœãå ããŠããŸãã ãã¡ãããç±³åœå€ã®ãã¹ãŠã®æè³å®¶ã¯ããããŒã«ãŒãã£ãŒã©ãŒãããªãå Žåã§ãæè³ã§ããŸãïŒåœã®èŠå¶ã®å¯Ÿè±¡ãšãªããŸãïŒã XNUMXïŒ ã®ææ°æã§ãããã®å·ã®æè³å®¶ã«ã¢ã¯ã»ã¹ã§ããçµéšè±å¯ãªãããŒã«ãŒã»ãã£ãŒã©ãŒãã玹ä»ããŸãã å®å šãªåçãèªãã«ã¯ãäžã®éããã¿ã³ãã¯ãªãã¯ããŠãã ããã
ãã®çãã¯ç¶ããç¹ã«ãªã³ã¿ãªãªå·ã®ã«ããã®èŠå¶åœå±ã¯ãã«ããã®æè³å®¶ããã®è³éãåãå ¥ããããšã¯ããã®ç®¡èœå°åã§ååŒãæäŸããããšã«ãªããšããèŠè§£ã瀺ããŠããŸãã ãããã£ãŠãçºè¡è ã¯ãè³æ Œã®å é€ãŸãã¯å£²åŽãè¡ãã«ããã®åå·ã§è³æ ŒãååŸããªããã°ãªããŸããã
ãã®çãã¯ç¶ããã¯ãã ãã³ããã¿ã³ã¹ããªãŒããã£ãã¿ã«ã®å€§ããªå©ç¹ã®1ã€ã¯ããThe Company OfferingsãããŒãžã§ãããã®ããŒãžã§ã¯ãæè³å®¶ãšå ±ã«TestTheWatersïŒTMïŒã䜿çšã§ããŸãã ããªãã¯ç§ãã¡ã®å°æ¥ã®æè³å®¶ãããææåã®ãªããIndicationsOfInterestïŒTMïŒãŸãã¯ReservationsOfInvestmentïŒTMïŒãã«ãè«æ±ããããšããã§ããŸãã ãããã¯ææåãæã¡ãŸããããããªããšãã³ããã¿ã³ã¹ããªãŒããã£ãã¿ã«ãããªãã®ããžãã¹ã®äŸ¡å€ææ¡ãç§ãã¡ã®å人æè³å®¶ã«ãšã£ãŠé åçã§ãããã©ããã®æ確ãªåºæºãäžããããšãã§ããŸãã
ããã«ããã®æ©èœã«ãããäŒæ¥ã¯æè³å®¶ãã¢ããã€ã¶ãŒã³ãã¥ããã£ã«ãäŒæ¥ã®å£²ã蟌ã¿ãæè³æ¡ä»¶ãããé åçã«ããæ¹æ³ã«ã€ããŠã®ã¢ããã€ã¹ãã¬ã€ãã³ã¹ãææ¡ãæ±ããããšãã§ããŸãã
ãã®çãã¯ç¶ããåå
1ã 圢æã®ç¶æ
2ã äœæ
3ã é»è©±
4ã ããªã³ã·ãã«å
å®å šãªçããèªãã«ã¯ãéãã¯ãªãã¯ããŠãã ãã äžã®ãã¿ã³ã
ãã®çãã¯ç¶ãã
Title IIã¯ãµããŒãããŠããŸãããTitle III EquityCrowdFundingã¯ãµããŒãããŠããŸããã
å®å šãªåçãèªãã«ã¯ãäžã®éããã¿ã³ãã¯ãªãã¯ããŠãã ããã
ãã®çãã¯ç¶ããã¯ãã ããªããé©åã«æºåããããããã©ãŒãã»ãã¡ã€ãã³ã¹ãæã€æ°ããã³ãŒãã¬ãŒãã»ãšã³ãã£ãã£ã圢æããå Žåãã¬ã®ã¥ã¬ãŒã·ã§ã³A +ãæäŸããããšã«ãã£ãŠã幎é$ 75 million *ãäžããããšãã§ããŸãã
å®å šãªåçãèªãã«ã¯ãäžã®éããã¿ã³ãã¯ãªãã¯ããŠãã ããã
ãã®çãã¯ç¶ããèæ ®ãã¹ãXNUMXã€ã®ã¢ãããŒãã¯ãã¬ã®ã¥ã¬ãŒã·ã§ã³A +ãªãã¡ãªã³ã°ã®ã³ã¹ããæ¯æãããã«ããªãã®äŒç€Ÿã«æè³ãããšã³ãžã§ã«ãŸãã¯VCæè³å®¶ã¯ãã¬ã®ã¥ã¬ãŒã·ã§ã³A +ãªãã¡ãªã³ã°èªäœã§è³Œå ¥ããæ ªåŒã®å šéšãŸãã¯äžéšãã圌ããè³æ¬ã ããªããæµååããããã«ããªããæäŸãã圌ããè³Œå ¥ããæ ªåŒã®å²åã¯ãããªããäŒç€Ÿãéžæããããšã§ãã ãã¡ãããReg A +ãªãã¡ãªã³ã°ãæåããããšããŸãã¯æ倧å€ã«éããããšãä¿èšŒããããšã¯ã§ããŸããã
ãã®ã¢ãããŒãã¯ãVCãŸãã¯ãšã³ãžã§ã«ïŒèªå®ãããïŒæè³å®¶ã«ãšã£ãŠé åçãªãã®ã«ãªããŸãã
ãã®çãã¯ç¶ããèŠå¶åœå±A +ã§ç§ã®äŒç€Ÿã«äœäººã®æè³å®¶ãèš±ããŠããŸããïŒ
ç§ãã¡ãèªèããŠããå®éã®å¶éã¯æè³å®¶ã®æ°ã«ã¯ãããŸããã å®å šãªåçãèªãã«ã¯ãäžã®éããã¿ã³ãã¯ãªãã¯ããŠãã ããã
ãã®çãã¯ç¶ããã·ãŒãã»ãšã¯ã€ãã£CrowdFundingã¯ãã¿ã€ãã«IIIãšããŠç¥ãããŠããŸãïŒ $ 100kãã·ãŒãè³æ¬ã§$ 1ãŸã§äžæãããã¹ã¿ãŒãã¢ããã¯ãæ°ããæ¡åŒµãããã¡ã€ã³ã¹ããªãŒãã»ãšã¯ã€ãã£ã»ã¯ã©ãŠããã¡ã³ãã£ã³ã°ã®ã«ãŒã«ã«ããŸãé©åããã ããã¯ãäžçäžã®ã¡ã€ã³ã¹ããªãŒãæè³å®¶ïŒèªå®ããã人ãéèªå®ã®äººãïŒãããªãã®äŒç€Ÿã®æ ªåŒãè³Œå ¥ã§ããããšãæå³ããŸãã è³æ¬èª¿éé¡ãå°ãããã°å°ãªãã»ã©ã100kãš$ 500kã®ãã¬ãŒã¯ãã€ã³ããæã€é瀺ã«ãŒã«ã®èŠæ±ã¯å°ãªããªããŸãã æ¢åã®æ ªåŒã¯ã©ãŠããã¡ã³ãã£ã³ã°ã»ãã©ãããã©ãŒã ã®å€ãã¯ãçŸåšãäž»èŠãªã¹ããªãŒãæè³å®¶ãå«ãããã«æ¡å€§ãããšäºæ³ãããŸãã ãã®èšäºãèªãã«ã¯ãäžã®éè²ã®ãã¿ã³ãã¯ãªãã¯ããŠãã ãã...
ãã®çãã¯ç¶ããTestingTheWatersïŒTMïŒããŒã±ãã£ã³ã°ã®æªãèšè/ãµãŠã³ã/ç»åèŸå ž
ãã®ã¬ã€ãã³ã¹ã¯ãTTWãŸãã¯ãã¹ãè³æ Œã®ããŒã±ãã£ã³ã°ã§äœ¿çšããããã¹ãŠã®ããŒã±ãã£ã³ã°è³æã«é©çšãããŸãã
ãæ¿èªãïŒSECã¯ã¬ã®ã¥ã¬ãŒã·ã§ã³Aã®ãªãã¡ãªã³ã°ãæ¿èªãããããããã¬ãã¥ãŒããããããè³æ ŒãäžããŸãã SECã¯ãæ瀺ãµãŒãã¥ã©ãŒã«ãSECãæ瀺ãããæ䟡蚌åžã®ã¡ãªãããæ¿èªãŸãã¯è²æž¡ããŠããªãããšãå ·äœçã«èšèŒãã説ææãä»ããããèŠæ±ããŸãã ç·è²ã®å ãèæ ®ããŠãSECãæ¿èªãããæ¿èªããããŸãã¯æ¿èªãŸãã¯äœããã®çšåºŠã®ã¡ãªãããããããšããæ瀺ãããããªæèšã¯é¿ããŠãã ããã âãããâïŒãããšåããããªãããŸããªèª¬æã¯é¿ããŠãã ããã å®å šãªåçãèªãã«ã¯ãäžã®éããã¿ã³ãã¯ãªãã¯ããŠãã ããã
ãã®çãã¯ç¶ãã- å¿ èŠãªãã¹ãŠã®ã¿ã€ãã®ãµãŒãã¹ãããã€ããæšèŠããå°å ¥ãã
- æåãšé·æçãªãšã³ã²ãŒãžã¡ã³ããæäŸããããã®é åçãªããŒã¯ã³ã®äœææ¹æ³ã«é¢ãããããã¯ãã§ãŒã³ã®èµ·æ¥å®¶ã¬ã€ã
- ãªãã¡ãŒãä¿é²ããæ¹æ³ãã¬ã€ã
- ç§ãã¡ã玹ä»ããå°éã®SECå°éåŒè·å£«ãšååããŠãå¿ èŠãªãã¹ãŠã®ãµãŒãã¹ãããã€ããŒããã³èµ·æ¥å®¶ãšã®ãã¹ãŠã®å¿ èŠãªåŽé¢ã§SECèŠå¶ã«æºæ ããããã«STOãé©å¿ãããããã»ã¹ãæ¯æŽããã³å©èšããŸãã
- ããŒã±ãã£ã³ã°ãšãŒãžã§ã³ã·ãŒãšã®å¥çŽããã³äºç®ã®äº€æžãèªå®ã玹ä»ãæ¯æŽããŸãïŒå°éã®ããŒã±ãã£ã³ã°ãšãŒãžã§ã³ã·ãŒãéžæããŸããïŒ
å®å šãªåçãèªãã«ã¯ãäžã®éããã¿ã³ãã¯ãªãã¯ããŠãã ããã
ãã®çãã¯ç¶ããããã¯ãèµ·æ¥å®¶ã«ã€ã³ã»ã³ãã£ããäžããŠãå°æ¥ãæ åœããéçšãå¢ããããã§ã«å°æ¥ã®ãã¯ãããžãŒã®å€åã«ãã£ãŠå€±ããã倱æ¥ã®å€ããçžæ®ºãããšããæ確ãªç®çãè¿œå ããã¹ã¿ãŒãã¢ãããæ§ç¯ããããã®ããã°ã©ã ã§ãã
ãã®ãããã¯ã®è©³çŽ°ã«ã€ããŠã¯ãéããã¿ã³ãã¯ãªãã¯ããŠãã ããïŒ
ãã®çãã¯ç¶ãã
以äžã¯ãé¢é£ããNASDAQåžå Žã§ããNASDAQãã£ãã¿ã«ããŒã±ããã®ãªã¹ãèŠä»¶ã®ã¬ã€ãã§ãã
äž»ãªèæ ®äºé ã¯ãå ¬éæ ªåŒã®åžå ŽäŸ¡å€ãã§ããããã¯æ¬è³ªçã«ãã€ã³ãµã€ããŒã§ã¯ãªãæè³å®¶ã®æã«ããæ ªåŒãæå³ããŸãã äŸãšããŠãReg A +ãªãã¡ãªã³ã°ã®è©äŸ¡æã«5äžãã«çžåœã®æ ªåŒãä¿æãããªãã¡ãªã³ã°ã®åã«çŽç²ãªæè³å®¶ãããå ŽåãNASDAQã§ã¯Reg A +ã§æäœ10äžãã«ã調éããå¿ èŠããããŸãã 5çŸäžãã«+10çŸäžãã«= 15çŸäžãã«ã
å®å šãªFAQã«ã€ããŠã¯éããã¿ã³ãã¯ãªãã¯ããŠãã ããã
ãã®çãã¯ç¶ããæ ªåŒã®æž ç®ïŒ é èšä¿¡èšæ ªåŒäŒç€ŸïŒDTCïŒ
ç£æ»ïŒ BPMLLP
SECãã¡ã€ãªã³ã°ïŒ ã¯ã©ãŠããã§ãã¯æ³åŸäºåæ
転éãšãŒãžã§ã³ãïŒ ã³ã³ãã¥ãŒã¿ãŒå ±æ
ãšã¹ã¯ããŒãšãŒãžã§ã³ãïŒ ãŠã£ã«ãã³ãã³ãã©ã¹ã
é¢é£æ§ã®ããã³ã³ãã³ãïŒ
ã©ã®ãµãŒãã¹ãããã€ããŒãSolitonïŒSOLYïŒReg A + IPOã«åãçµãã§ããŸããïŒ
Arcimoto Reg A + NASDAQãªãã¡ãŒã®ãµãŒãã¹ãããã€ãã¯èª°ã§ããïŒ
äºæ¥ãæ§æããçŽè³ç£ã®è²¡åè«žè¡šã
äºæ¥ãæ§æããçŽè³ç£ã®ååŸïŒäŸãã°ãååŸæžã¿ãŸãã¯ååŸäºå®ã®è£œåã©ã€ã³ïŒã®å Žåãã¬ã®ã¥ã¬ãŒã·ã§ã³SXã«åŸã£ãŠäœæããã³ç£æ»ããã財åè«žè¡šã¯ãïŒeïŒïŒ2ïŒé ã«åŸã£ãŠäœæããã財åè«žè¡šãšçç¥ãããå ŽåããããŸããããžãã¹ã以äžã®ãã¹ãŠã®é©æ Œæ¡ä»¶ãæºãããŠããå Žåã¯ããã®ã»ã¯ã·ã§ã³ã®
é©æ Œæ¡ä»¶ã
ïŒiïŒè²·åãŸãã¯è²·åäºå®ã®äºæ¥ã®ç·è³ç£ããã³ç·åçïŒäŒç€Ÿéæ¶å»åŸã®äž¡æ¹ïŒã¯ãçŽè¿ã«å®äºããäŒèšå¹ŽåºŠã®æç¹ã§é£çµããã売ãæããã³ãã®åäŒç€Ÿã®å¯Ÿå¿ããéé¡ã®20ããŒã»ã³ã以äžãæ§æããŸãã
ïŒiiïŒäºæ¥ã®åå¥è²¡åè«žè¡šã¯ãããŸã§äœæãããŠããŸããã
ïŒiiiïŒè²·åãããäºæ¥ã¯ãè²·åãããäºæ¥ã®è²¡åè«žè¡šãèŠæ±ãããæéäžãå¥åã®äºæ¥äœãåäŒç€Ÿãäºæ¥ã»ã°ã¡ã³ãïŒUS GAAPãŸãã¯IFRS-IASBã§å®çŸ©ãããŠããïŒãŸãã¯éšéã§ã¯ãªãã£ãã ãš
ïŒivïŒå£²ãæã¯ããã®ãã©ã°ã©ãïŒeïŒããªããã°ããã®ã»ã¯ã·ã§ã³ã®èŠä»¶ãæºãã財åè«žè¡šãæ瀺ããããã«å¿ èŠãªå¥åã®ç¹å¥åå®ãç¶æããŠãããããã®ãããªè²¡åè«žè¡šãäœæããããšã¯çŸå®çã§ã¯ãããŸããã
詳现ã«ã€ããŠã¯ãSECèŠå17CFR§210.3-05ãåç §ããŠãã ããã
é¢é£æ§ã®ããã³ã³ãã³ãïŒ
ã©ã®ãããªçš®é¡ã®ç£æ»ã2èŠå¶A +ãªãã¡ãŒã®ããã«å¿ èŠã§ããïŒ
Reg A + Offeringã®ç£æ»ã¯ãã€çµäºããã®ã§ããïŒ
æãç°¡åãªãªãã·ã§ã³ã¯ãããã§ãã Reg DãReg Sãã«ãŒã«144Aã
å€ãã®ç¹ã§ãæãé åçãªãªãã·ã§ã³ã¯Reg A +ã§ãããReg A +ã䜿çšããã«ã¯ãç±³åœãŸãã¯ã«ããã®ãšã³ãã£ãã£ã確ç«ããå¿ èŠããããŸãã以äžãåç §ããŠãã ããã
å®å šãªåçãèªãã«ã¯ãäžã®éããã¿ã³ãã¯ãªãã¯ããŠãã ããã
ãã®çãã¯ç¶ããæå°å€ãäœããããšãããå€ãã®æè³å®¶ã«ãšã£ãŠé åçãªãµãŒãã¹ã«ãªããŸãã ãŸããç»é²æè³é¡§åïŒRIAïŒãé¢äžããã¯ã©ã€ã¢ã³ãã®è²¯èãReg A +ãªãã¡ãªã³ã°ã«æè³ããå Žåãã¯ã©ã€ã¢ã³ãã®ãšã¯ã¹ããŒãžã£ãŒãå€ãã®äŒæ¥ã«åæ£ã§ããããã«ãæäœé¡ãäœãããå¿ èŠããããŸãã å®å šãªåçãèªãã«ã¯ãäžã®éããã¿ã³ãã¯ãªãã¯ããŠãã ããã
ãã®çãã¯ç¶ããQIB ã¯ãå°ãªããšã 100 åãã«çžåœã®èšŒåžãææãŸãã¯ç®¡çããæ©é¢æè³å®¶ããŸãã¯ç¡é¢ä¿ãªèšŒåžã«å°ãªããšã 10 äžãã«ãæè³ããç»é²ãããŒã«ãŒãã£ãŒã©ãŒã§ãããã®çãã¯ç¶ãã
ã¬ã®ã¥ã¬ãŒã·ã§ã³A +ã«ã¯ããã€ã®æè³å®¶ãèš±å¯ãããŠããŸããïŒ
Reg A +ã¯ãçºè¡è ïŒæ ªåŒã販売ããäŒç€ŸïŒãç»é²ããã転éãšãŒãžã§ã³ãããªãã¡ãªã³ã°ã«äœ¿çšããéããååŒææ³ã®ã»ã¯ã·ã§ã³2ïŒgïŒã®ç»é²èŠä»¶ããTier12ãªãã¡ãªã³ã°ã§çºè¡ããã蚌åžã®å é€ãæäŸããŸããçŸåšãTier 2 SECã®å ±å矩åããããçŽè¿ã«å®äºããå幎ããšã®æéã®æç¹ã§75äžãã«æªæºã®å ¬éãããŒãããããŸããïŒãŸãã¯ãå ¬éãããŒãã®ãªãçºè¡è ã®å ŽåãçŽè¿ã®æç¹ã§75äžãã«æªæºã®å¹Žéåçå®äºããäŒèšå¹ŽåºŠïŒã å®å šãªåçãèªãã«ã¯ãäžã®éããã¿ã³ãã¯ãªãã¯ããŠãã ããã
ãã®çãã¯ç¶ããç¶ç¶çãªæäŸã«ãã£ãŠè§£æ±ºãããåé¡
æ°ããReg A +ãç»å Žããåã¯ããã§ã«æ ªåŒã売買ããŠããäŒç€Ÿã¯ãå€ãReg Aãšæ ªåŒã売åŽããããšèããŠããŸããã ããããäžå°äŒæ¥ã®åžå ŽäŸ¡æ Œã¯å€åããå¯èœæ§ããããŸãã ååã®äŸ¡æ Œãå€æŽããããã«ãäŒç€Ÿã¯ãã®Reg A +ç³åã®ä¿®æ£ãæåºãããããSECã«ãã£ãŠé©æ Œã«ããããŸã§æ°é±éåŸ ããªããã°ãªããŸããã§ããã ãã®æãŸã§ã«åžå ŽäŸ¡æ Œã¯å€åããŠããã§ãããããäŸ¡æ Œèšå®ã¯æ代é ãã«ãªãã§ãããã
æ°ããReg A +ã¯ãäŒæ¥ãSECã«ãã£ãŠè³æ ŒãäžããããåŸããã°ããã®éãæ§ã ãªäŸ¡æ Œã§æ ªåŒãæäŸããããšãå¯èœã«ããã äŸ¡æ Œæ å ±ã¯ã販売æç¹ã§è²©å£²åŸã«è£è¶³ãšããŠæåºããããã®è£è¶³ã¯SECã¬ãã¥ãŒãå¿ èŠãšããŸããã
å®å šãªåçãèªãã«ã¯ãäžã®éããã¿ã³ãã¯ãªãã¯ããŠãã ããã
ãã®çãã¯ç¶ããOTCQBãŸãã¯OTCQXäžå Žã®ããã«æèµ·ãããå¿ èŠãããæäœè³æ¬ã¯ãããŸããã
ãã®ãããã¯ã®è©³çŽ°ã«ã€ããŠã¯ãäžã®ãã¿ã³ãã¯ãªãã¯ããŠãã ãã
ãã®çãã¯ç¶ãã- ããã¯ãã³ããã¿ã³ã»ã¹ããªãŒãã»ãã£ãã¿ã«ã®äž»èŠçšèªãšåæšçšèªã®äžéšã§ãã
- RegA + AuditionTMïŒManhattan Street Capitalã®äœã³ã¹ãã®ãã¹ãã§ãäŒç€Ÿã«å¯Ÿããåžå Žã®é¢å¿ãReg A +ã®æäŸãæ£åœåãããã©ããã確èªããŸãã ããã¯ãTestingTheWatersïŒTMïŒã®éå ¬åŒããŒãžã§ã³ã§ãã
- AddOnOfferingâ¢ïŒäŒæ¥ãè¿œå ã®æ ªåŒãçºè¡ããããšã«ãããå ã®ãªãã¡ãªã³ã°ã®èŠæš¡ãæ¡å€§ããŸãã
å®å šãªåçãèªãã«ã¯ãäžã®éããã¿ã³ãã¯ãªãã¯ããŠãã ããã
ãã®çãã¯ç¶ããKickstarterã䜿çšãããšãå人ã¯ãåµé çãªãããžã§ã¯ãã«è³éãæäŸãããã補åãåžå Žã«åºãåã«äºå泚æãããããããã«ãéãå¯ä»ããŸããããããã®è²¢ç®è ã«ã¯æææš©ããããŸããã ãã³ããã¿ã³ã¹ããªãŒããã£ãã¿ã«ã§ã¯ãäŒæ¥ã¯æ ªåŒã売åŽããããæè³å®¶ãããéãåãããããŠããŸãããæ¡ä»¶ã¯äŒæ¥ã«ãã£ãŠç°ãªããŸãã
ãã®çãã¯ç¶ããFundAthenaã¯ãã³ããã¿ã³ã»ã¹ããªãŒãã»ãã£ãã¿ã«ã®äžéšéã§ãã
ã®ãªã·ã£ç¥è©±ã§ã¯ãã¢ããã¯ç¥æµãç¥æ§ãè±éçãªåªåã®å¥³ç¥ã§ããã 圌女ã¯å€ãã®ã®ãªã·ã¢ç¥ã®äººç©ã®åŒ·åãªããŒãããŒã§ããã圌ãã®æåãå©ããŸããã åæ§ã«ãFundAthenaã¯ãäžæµã®ãžã§ã³ããŒå€æ§æ§ãšå¥³æ§äž»å°ã®ããŒã ãæã€äŒæ¥ã®ããŒãããŒã§ãããããžãã¹ãå éããããã«å¿ èŠãªè³éãããžãã¹æŠç¥ããããžã§ã¯ã管çãããã³èª¿æŽãµããŒãã§ããããå°ãã®ã«åœ¹ç«ã¡ãŸãã
ãã®çãã¯ç¶ãããã³ããã¿ã³ã¹ããªãŒããã£ãã¿ã«ã®ãªãã¡ãªã³ã°ããŒãžã§äœ¿çšããããã«ãç»åãå§çž®ããããšããå§ãããŸãã å§çž®ãããŠããªãç»åã¯ãªãã¡ãªã³ã°ã®èªã¿èŸŒã¿æéãé ãããŸããé«éèªã¿èŸŒã¿ã§æœåšçãªæè³å®¶ãåŒãä»ããããšãã§ããŸãã 課é¡ã¯ãç»åã®èŠæ ããä¿ã¡ãªããå§çž®ããããšã§ãã é«å質ã®ç»åå§çž®ã«ã¯ã以äžã®Webãµã€ãããå§ãããŸãã
ãã®FAQã®æ®ãã®éšåã衚瀺ããã«ã¯ãäžã®éããã¿ã³ãã¯ãªãã¯ããŠãã ããã
ãã®çãã¯ç¶ããRegA +ã¯ä»¥äžã®è³éãæäŸããŠããŸããïŒ
- ç±³åœãŸãã¯ã«ãã以å€ã«æ¬ç€Ÿã眮ãäŒç€Ÿã åœéããžãã¹ã®ããã«ç±³åœãŸãã¯ã«ããã«æ³åæ¬éšã移転ãŸãã¯èšçœ®ããããšã¯åé¡ãããŸããã
- 1940ã®æè³äŒç€Ÿæ³ã§å®çŸ©ãããŠããæè³äŒç€Ÿã çŽç²ãªãã³ãã£ãŒãã£ãã¿ã«äŒæ¥ã¯ãReg A +ã䜿çšã§ããŸããã åµåããŒã¹ã®VCäŒç€ŸïŒ60ïŒ ä»¥äžã®åµåä¿æïŒã¯ãç¶æ³ã«ãã£ãŠã¯Reg A +ã䜿çšã§ããŸã
- å ¬éäŒç€Ÿã å ±åäŒæ¥ãšéå ±åäŒæ¥ã¯èŠå¶A +ã䜿çšã§ããŸã å®å šãªåçãèªãã«ã¯ãäžã®éããã¿ã³ãã¯ãªãã¯ããŠãã ããã
ããã€ãã®äŸããããŸãïŒ
CWPE-CW Petroleum Corp
RWRDP-iConsumer Corp
TWOH-TWO HANDS CORPORATION
WIZD-WIZARD ENTERTAINMENTãINCã
VTLR-VirtualArmour International Inc.
RDGL-VIVOS INCãã®çãã¯ç¶ãã- RatedResourcesâ¢ïŒè³æ¬èª¿éã®æºåç¶æ³ãå éããããã«ã¡ã³ããŒãææ¡ãããªãœãŒã¹ã
- CrowdAnalystâ¢ïŒã¢ããªã¹ãã¯ãåžå Žã®äŒæ¥ããã©ããŒããåžå Žãšç«¶åä»ç€Ÿã調æ»ããäŒæ¥ã®åçãšå©çãäºæž¬ããŸãã ãã®ããã°ã©ã ã¯ãã¢ãã¿ãŒããŒã±ããã§å®å®ããæ ªäŸ¡ãå®çŸããããã«èšèšãããŠããŸãã
- TestTheWatersAuditionïŒTMïŒïŒç£æ»ã«ééãè²»ããåã«ãæè³å®¶ããã®é¢å¿ãè©äŸ¡ããããã®äœã³ã¹ãã§åžå Žããã¹ãããéå ¬åŒã®æ¹æ³
- TestTheWatersïŒTMïŒïŒSECã¯ãReg A +ã®æåºåã«äŒæ¥ãåžå Žããã¹ãããããšãå¯èœã«ããŸãã
- ãã®åçã¯åŒãç¶ããäžã®éããã¿ã³ãã¯ãªãã¯ããŠãã ããïŒ
蚌åžæ³ã®ã»ã¯ã·ã§ã³4ïŒaïŒïŒ7ïŒã¯ã蚌åžè»¢å£²ååŒã®å é€ã§ãã å çšã«äŸåããã«ã¯ããã©ã³ã¶ã¯ã·ã§ã³ã次ã®åºæºãæºãããŠããå¿ èŠããããŸãã
- è³Œå ¥è ã¯èªå®æè³å®¶ã§ãªããã°ãªããŸããã
- 売ãæããã³å£²ãæã«ä»£ãã£ãŠè¡åããè ã¯ãäžè¬çãªå§èªãŸãã¯äžè¬çãªåºåã«åŸäºããããšã¯ã§ããŸããã
- 1934幎蚌åžååŒæ³ã«åºã¥ããŠå ±åãæåºããå¿ èŠã®ãªãäŒç€Ÿã®å Žåãè³Œå ¥è ã¯çºè¡è ã«é¢ããæ å ±ãåãåãå¿ èŠããããŸããããã«ã¯ãç¹ã«æ¬¡ã®ãããªæ å ±ãå«ãŸããŸãã ïŒiiïŒãã®åç· åœ¹ããã³åœ¹å¡ã®ååã ïŒiiiïŒéå»XNUMX幎éã®è²¡åè«žè¡šïŒç£æ»ã®å¿ èŠã¯ãããŸããïŒã ïŒivïŒçºè¡è ãšè²©å£²è ã®éã®ææºã®æ§è³ªã
- 売ãæããã³ããã䜿çšãããããŒã«ãŒã¯ã蚌åžæ³ã«åºã¥ãèŠå506ã®æªåœ¹æ¡é ãŸãã¯ååŒææ³ã®ã»ã¯ã·ã§ã³3ïŒaïŒïŒ39ïŒã«å«ãŸããå€±æ Œã«åŸã£ãŠå€±æ Œãšãªãããšã¯ã§ããŸããã
- çºè¡è ã¯çµç¹æ®µéã§ãç Žç£ããŠããªãå¯èœæ§ãããã空çœã®å°åæäŒç€Ÿããã©ã€ã³ãããŒã«ããŸãã¯ã·ã§ã«äŒç€Ÿã§ã¯ãªãå¯èœæ§ããããŸãã
- ååŒã®å¯Ÿè±¡ãšãªãæ䟡蚌åžã¯ãåŒå人ã®å£²ãæ®ãã®å²ãåœãŠã®äžéšã§ã¯ãªãå ŽåããããŸãã ãš
- ååŒã®å¯Ÿè±¡ãšãªã蚌åžã¯ãæ¿èªãããå°ãªããšã90æ¥éæªæãã®ã¯ã©ã¹ã®äžéšã§ããå¿ èŠããããŸãã
ã»ã¯ã·ã§ã³4ïŒaïŒïŒ7ïŒã«åºã¥ããŠè²æž¡ããã蚌åžã¯ãèŠå144ïŒaïŒïŒ3ïŒã§å®çŸ©ãããŠããããã«ããå¶éä»ã蚌åžãã®ãŸãŸã«ãªããŸãã ãã ããFASTæ³ã¯ãæ°ããå é€ã®äžã§ã®å販ååŒãžã®å·ã®é空ç»é²èŠä»¶ã®é©çšã«åªå ããŸãã ããã«ãFASTæ³ã¯ãã»ã¯ã·ã§ã³4ïŒaïŒïŒ7ïŒãå販ååŒã®ç»é²ã®å é€ã確ç«ããããã®æä»çãªæ段ã§ã¯ãªãããšãæ確ã«ããèŠå®ãè¿œå ãããããã»ã¯ã·ã§ã³4ïŒ1ÂœïŒã®å é€ã¯é·å¹Žã«ããã£ãŠéçºããã³äœ¿çšãããŠãããå販ååŒã§å£²ãæãåŒãç¶ãå©çšã§ããããã«ããå¿ èŠããããŸãã
ãã®ã³ã³ãã³ã㯠ããã¹ã«ãŠã¢ãŒã
çºè¡è ã¯ãªãã¡ãªã³ã°ã®æ ªäŸ¡ãšè©äŸ¡ãèšå®ããŸãã
å®å šãªåçãèªãã«ã¯ãäžã®éããã¿ã³ãã¯ãªãã¯ããŠãã ããã
ãã®çãã¯ç¶ããå®éã®ã»ã¯ã·ã§ã³4ïŒ1ÂœïŒã®æ³å®å çšã¯ãããŸããã ããã¯ã4ã€ã®å®éã®èšŒåžæ³ã®å çšãã»ã¯ã·ã§ã³1ïŒaïŒïŒ4ïŒããã³ã»ã¯ã·ã§ã³2ïŒaïŒïŒXNUMXïŒããæ§æãããŠããŸãã
ããããã»ã¯ã·ã§ã³4ïŒ1ÂœïŒã®å é€ã¯ãããšãã°ã蚌åžã®è³Œå ¥è ãçµæžçã«æŽç·ŽãããŠãããçºè¡è ã«é¢ããæ å ±ã«ã¢ã¯ã»ã¹ãŸãã¯åä¿¡ãã蚌åžãReg D 506ïŒcïŒãŸãã¯506ïŒbïŒã®ãããªå é€ååŒã®çºè¡è ã
ã»ã¯ã·ã§ã³4ïŒ1ÂœïŒã¯ãããã¯ãªãŒã³ãªèŠå¶ãã»ã¯ã·ã§ã³4ïŒaïŒïŒ7ïŒã«çœ®ãæããããŸãã
ãã®çãã¯ç¶ãã- ã¡ã¿ããŒã¹101ïŒäž»èŠã³ã³ããŒãã³ãã®å®çŸ©
- ã¡ã¿ããŒã¹ã®äžåç£å£²äžé«ã¯500åãã«ãè¶ ããä»å¹Žã¯XNUMXåã«ãªããšäºæž¬ãããŠããŸã
- ã¡ã¿ããŒã¹ãšã¯äœã§ããïŒ ä»®æ³äžçã®åå¿è åãã¬ã€ã
- ã¡ã¿ããŒã¹ãšã¯äœã§ããïŒ æ²¡å ¥åã®NFTãå©çšããæªæ¥ã®ã€ã³ã¿ãŒããã
- ç§ã¯ã¡ã¿ããŒã¹ãèŠãŠããŸããâãããŠç§ã¯ãããæãã§ããŸãã
- ããè¯ãã¡ã¿ããŒã¹ãæ§ç¯ããæ¹æ³
- ã¡ã¿ããŒã¹äžåç£ã¯2022幎ãæ¥äžæãç¶ããŠããŸã
- ãã¡ã¿ããŒã¹ã®æºåããè¡ãæ¹æ³ïŒåå¿è åãã¬ã€ã
- 10幎ã«è³Œå ¥ãã2022ã®æé«ã®ã¡ã¿ããŒã¹æå·é貚
- åæ¢ãªæ°ããä»®æ³äžçïŒãããã¯äººçã§ãããžã ããããç§ãã¡ãç¥ã£ãŠããããã«ã§ã¯ãããŸããã
- ARK Investã®å€§ããªã¢ã€ãã¢2022ïŒä»å¹Žæ³šç®ãã¹ã14ã®é©æ°çãªãã¯ãããžãŒ
- 3.0幎ã®Web2022ãGameFiãããã³ã¡ã¿ããŒã¹ã®äºæž¬ïŒ7人ã®ãããã¯ãã§ãŒã³ãšãã¹ããŒãããã®å±æ
- ã€ãŒãµãªã¢ã NFTã²ãŒã ãµã³ãããã¯ã¹ã50äžãã«ã®ã¡ã¿ããŒã¹ã¢ã¯ã»ã©ã¬ãŒã¿ãŒãçºè¡š
- ããŒã¯ãã¥ãŒãã³ãæ¯æŽããããªãŽã³ã¯ãã»ã³ã€ã¢ãäž»å°ãã40ã®VCããçŽXNUMXåãã«ã調éããŸã
- Tim O'Reillyã¯ãWeb1.0ããã³2.0ã®å°å ¥ãæ¯æŽããŠãããŸããã ããã圌ãWeb3ã«æççã§ããçç±ã§ã
- Axie Infinityãšã¯äœã§ããïŒ æå·ã²ãŒã ããã¬ã€ããŠãéã皌ãæ¹æ³
- æå·é貚ã¯ã匷åãªèŠå¶ã®èŠ³ç¹ããèªåèªèº«ãèŠã€ããŸã
- ã€ãŒãµãªã¢ã NFTåžå Žãæ¡å€§ããäžãOpenSeaã®ãããæ°ã¯æé売äžé«ã§5åãã«ãèšé²