[johnthealy3]

The exemption would be limited to companies organized in and with their principal place of business in the United States or Canada. The exemption would not be available to companies that:

* Have not filed ongoing reports required by the rules during the preceding two years.

So does this mean that a company wishing to raise capital under A+ needs to file "annual, semiannual and current event reports" for two years prior to the offering? If so, wouldn't this regulation effectively force seed-financed companies to start filing reports immediately? Perhaps I'm misunderstanding this, but that seems like a significant burden.

[SuperDuperTango]

I could read this one of two ways: "a company must have been continuously filing for a minimum of 2 years", or "a company must have filed at least once within the last two years". I have no idea which is right (or if i'm completely wrong on both accounts) :-S

[zaroth]

I think that means if you break the rules you can't raise again? Reports required by the rules wouldn't be required in the absence of an actual A+ round. The 'qualified person' clause apparently is purely circular logic, so why not this one too!