JOBS Act Quick Start 83


APPENDIX B: COMPARISON OF US SECURITIES EXEMPTIONS Rule 504


Aggregate offering price limitation


$1 million (12 months)


Rule 505


$5 million (12 months)


Rule 506 No limit


Rule 144A No limit


Section 3(b)(2)


Up to $50 million (12 months)


Section 4(6)


The aggregate amount sold to all investors by the issuer, including any amount sold in reliance on the section 4(6) exemption during the 12-month period preceding the date of the transaction, is not more than $1 million


Number of investors Unlimited


35 plus unlimited accredited


At present: 35 plus unlimited accredited


As proposed: As an alternative, all purchasers are accred- ited investors and the issuer takes reason- able steps to verify that the purchasers are accredited investors


Unlimited Unlimited Unlimited


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