An exemption from registration for public offerings. Regulation A provides two offering tiers: Tier 1, for offerings of up to $20 million in a 12-month period; and Tier 2, for offerings of up to $50 million in a 12-month period. For offerings of up to $20 million, companies can elect to proceed under the requirements for either Tier 1 or Tier 2. Basic requirements include company eligibility, bad actor disqualification, disclosure, limitations for non-accredited investors, audited financials, and ongoing reporting. SPVs can be used to aggregate capital for a Reg A offering.