b'(NASAA)maintainsinformationaboutthestatefilingrequirementsfor Regulation A+ offerings at www.nasaa.org.Below is a summary of the rules for Regulation A+ (Tier 2) offerings: The issuer is limited to raising $75 million in a rolling 12-month period that may be renewed annually The issuer may include investors with limited prequalification requirements No state pre-approval is required Disclosures and SEC pre-approval are requiredThe issuer is subject to certain annual audit requirements Regulation Crowdfunding RegulationCrowdfunding(alsoknownasRegulationCF)was authorized in Title III of the JOBS Act. It specifically allows real estate entrepreneurstoraisecapitalontheinternet,providingtheyfollowa specific set of rules. The final regulations were adopted and Regulation Crowdfunding became legal on May 16, 2016 and have since been updated.Recall that under current securities laws, a person who wished to raise moneyfromprivateinvestorshadtoregistertheofferingalongand expensivepre-approvalprocessorqualifyforanexemptionfrom registration. Exemptions may impose limits on investor qualifications and advertising; and they can be cost-prohibitive for smaller offerings.Unliketypicalprivateofferingexemptions,RegulationCFallows issuerstoadvertisetothegeneralpublicandimposesnofinancial 68'