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Regulatory Path (Provisional)
Current demo selection favors BD/ATS + Qualified Custody. Change anytime; this is local‑only for planning.
BD/ATS + Qualified Custody (Partner‑first)
Most conservative path. Partner with registered broker‑dealer (and ATS if secondary) and a qualified custodian.
- BD handles order handling, suitability, books/records
- Qualified custody/escrow for investor funds
- Strong optics for conservative stakeholders
Reg D 506(c)
Accredited investors only; general solicitation allowed with verification.
- Public marketing permitted
- Accreditation verification required
- Faster than Reg A+
Reg CF
Raise from the crowd via a funding portal; investor limits apply.
- Non‑accredited allowed via portal
- Lower caps vs Reg A+
- Portal compliance overhead
Reg A+ (Tier 2)
Public offering with broader access; heavier prep and review.
- Non‑accredited allowed
- Blue sky preemption (Tier 2)
- Longer timeline and cost