Confirm the regulatory framework with counsel

The selection is a drafting choice

Supported workflows include Rule 506(b), Rule 506(c), Rule 504, and Regulation S. Selecting one changes labels, questions, notices, and certain supporting exports. It does not establish eligibility for an exemption.

Ask counsel to confirm investor eligibility, offering size and aggregation, solicitation practices, transfer restrictions, and federal and state requirements. Record facts before making conclusions.

Advertising and offshore facts matter

Do not use the same marketing approach for every framework. General solicitation, verification of accredited status, offshore transactions, and directed selling efforts raise different questions. See the linked regulatory guides and primary sources for background; counsel decides what applies to your facts.

Unsupported or unresolved matters

Regulation A output is not supported. A legacy Regulation A draft is not an offering circular or Form 1-A. Legal-classification questions in the app are fact collection for review, not automated legal opinions. Leave unresolved facts clearly flagged.

Record the decision before relying on the draft

Bring counsel the proposed investor audience, where investors and transactions are located, whether you plan public advertising, and how you will qualify investors. These facts affect the exemption analysis. The application’s initial selection is a workflow default and can be changed in Offering type.

After counsel confirms the framework, review the related legends, distribution plan, questionnaire, subscription process, and applicable notice workflow. A framework change can affect several places in the document. Resolve inconsistent language rather than changing only the title on the cover.