RACE Act — Regulation A Additional Class Exemption
Current understanding
The Regulation A Consistency and Efficiency (RACE) Act of 2025 would amend the Securities Act to permit issuers who have previously conducted a Regulation A offering to issue an additional class of substantially similar securities without full registration, subject to specified aggregate dollar limits. The bill is an incremental expansion of the existing Tier 1/Tier 2 Regulation A small-offering exemption framework rather than a new offering mechanism. Status: introduced legislation — not enacted.
Evidence log
- 2025-05-01 — RACE Act of 2025: cross-connection with registered-offering-reform: Both advance a capital-formation agenda: RACE Act eases follow-on issuance under the Regulation A exemption, while the SEC rulemaking eases follow-on issuance under registered offerings (S-3/S-1/WKSI). (novelty: 2)