Regulation A+ Offering: Hype or Reality?

Blog Article

Regulation A+, a relatively recent fundraising mechanism, has captured significant attention from both investors and businesses. Proponents extol its potential to empower access to capital for startups, while critics raise questions about its feasibility.

The promise of Regulation A+ lies in its ability to harness the power of crowdfunding to raise funds from a wide pool of investors. This, in theory, can provide businesses with an alternative to traditional financing sources and foster economic expansion. However, the complexity associated with navigating the regulatory landscape and the possibility of fraud remain significant concerns.

As the Regulation A+ ecosystem develops, it will be critical to strike a balance between fostering innovation and ensuring investor protection. Only then can Regulation A+ truly realize its full promise.

Regulation A+ | MOFO

MOFO's team of attorneys is familiar with Regulation A+, a mechanism under the Federal securities laws that allows companies to raise capital through public offerings. Leveraging this method, businesses can access funding for development while meeting the requirements of legal frameworks. Our experienced advisors support companies through every stage of the Regulation A+ process, ensuring a efficient and legally sound offering.

Concisely explain Title IV Regulation A+ about Me

Manhattan Street Capital is a crowdfunding platform that specializes in helping companies raise capital through Title IV Regulation A+. This regulation allows private companies to sell securities to the public and raise up to $75 million per year. Companies can use this funding for various purposes, such as expanding operations, developing new products, or acquiring other businesses. Manhattan Street Capital provides a detailed platform that assists companies through the entire Regulation A+ process, from application to investor communication.

If you're a company looking to raise capital, Manhattan Street Capital's expertise in Title IV Regulation A+ can be a beneficial asset.

The Latest Reg A+ Opportunity: What Is A Reg - We Have All Of Them

Navigating the world of securities offerings can be complex. That's why we've become experts in Reg A+, a powerful mechanism that allows companies to raise capital from the public. Whether an entrepreneur seeking funding or an investor looking for new opportunities, Reg A+ could be the perfect fit. Our team is dedicated to providing clear, concise information throughout the entire process.

We understand that every company has unique needs. That's why we offer a range of customized options tailored to your specific requirements. From initial consultation to final filing, we'll be there every step of the way to ensure a smooth and successful Reg A+ offering.

Uncover the benefits of Reg A+ for your business.
Utilize our expert knowledge and experience in navigating the regulatory landscape.
Enhance your chances of a successful capital raise.

Understanding Regulation A+ for Startups

Launching a startup is an exciting journey filled with creativity. But amidst the hustle and bustle of building your dream, navigating the complex world of compliance can feel daunting. A key piece of the puzzle for startups seeking funding is understanding Regulation A+, a unique opportunity that allows companies to raise capital from the public. Regulation A+ offers a streamlined path to raising funds, potentially unlocking significant growth opportunities.

Key benefits of Regulation A+ include expanded investor access, increased investment possibilities, and a more transparent fundraising process. Startups considering this path should meticulously analyze the specific requirements and considerations.
Seeking guidance from experienced legal and financial professionals is crucial to ensure a smooth compliance process. Regulation A+ can be a powerful tool for startups seeking to scale their operations, but it's essential to approach it with a clear understanding of the system and its potential impact.

Facilitates Equity Crowdfunding

Regulation A+, also known as Reg A+, acts as a powerful avenue for businesses aiming to raise capital through equity crowdfunding. It presents a streamlined framework for companies to issue and their securities to the public, such as retail investors. Under Reg A+, companies can raise up to twenty-five million dollars in a fiscal cycle, granting them with access to a wider pool of capital than traditionally available through private offerings.

The procedure for Reg A+ equity crowdfunding comprises several key phases. First, companies must prepare and file a detailed offering statement with the Securities and Exchange Commission (SEC). This filing provides investors with comprehensive information about the company, its business plan, and the risks inherent in the investment.

After the SEC has reviewed and approved the offering statement, companies can begin marketing their securities to investors through various channels. This can encompass online platforms dedicated to equity crowdfunding, as well as traditional advertising campaigns.

{Ultimately, Regulation A+ provides a viable avenue for businesses to raise resources through the power of the crowd. By making it more accessible for companies to tap into broader capital sources, Reg A+ has the potential to foster entrepreneurship.

Regulation A+ Funding

FundAthena is a company leveraging the power of Regulation A+, offering individuals the opportunity to contribute in promising businesses. This unique funding mechanism allows companies to raise significant capital from a wider range of supporters, while providing entities with access to high-growth ventures. FundAthena's skilled team manages the entire Regulation A+ process, ensuring a transparent experience for both projects and their investors.

Speculative Historical Stock Securities

Venture into the burgeoning realm of Blank-check Colonial Stock Entities, where history meets futuristic finance. These unique offerings grant investors access to a diverse portfolio of newly established establishments. Each share represents a stake in the potentialexpansion of these captivating ventures. Explore this promising opportunity to shape to the transformation of our collective past.

Our Discovery

Finally, after seasons of tireless searching, our team has made a breakthrough! We've uncovered a ancient artifact. It's in pristine condition, and we believe it could hold the key to revealing long-lost secrets. This is a moment of excitement for our entire team.

Preliminary| analyses are already underway, and we're eager to share more details soon.

Funding Your Venture - Title IV Reg A+

Delve into the exciting world of Reg A+ Crowdfunding with our insightful infographic. Discover how this powerful regulatory framework can empower your company to achieve its goals . Explore the key advantages of Title IV Reg A+ and understand its influence on the modern financial landscape .

Whether you're a seasoned entrepreneur or just starting out, this infographic provides valuable insights into the intricacies of Title IV Reg A+. Gain a comprehensive understanding of the process, eligibility requirements, and potential rewards. Learn how to effectively leverage this unique funding opportunity to fuel your development. Don't miss out on this essential resource for anyone interested in exploring the exciting realm of Title IV fundraising.

Dive deeper into the world of Title IV Reg A+ today!

Regulation A-Plus - Securex Filings LLC

Securex Filings LLC presents itself as a leading provider for businesses seeking to leverage the potential of Regulation A+ offerings. Demonstrating extensive expertise in securities law and the intricacies of capital raising, Securex Filings LLC offers a comprehensive range of services designed to streamline the Regulation A+ process . From initial consultations to closing , their committed team supports ventures through every stage of compliance .

The company are designed to guiding businesses in mastering the complexities of Regulation A+.
Issuers leverage Securex Filings LLC's expertise to maximize their chances of a successful Reg A+ offering.

Explore Crowdfund.co

Crowdfund.co is a/provides/serves as a platform/an online hub/a resource for individuals/people/backers to invest in/support/fund innovative/exciting/groundbreaking projects. Through/On/Via this website/platform/marketplace, creators/developers/entrepreneurs can raise/secure/gather capital/funding/money for their ideas/ventures/projects. Crowdfund.co offers/presents/features a variety/range/selection of categories/fields/industries for investors/backers/donors to choose from/select/explore. Whether you're/If you are/You might be looking to/searching for/interested in making an impact/supporting innovative ideas/finding investment opportunities, Crowdfund.co could be/might be/can be the perfect place/ideal destination/go-to resource.

Investing in a Fundrise Reg A

Fundrise has introduced its latest Reg A offering. This type of investment opportunity allows individuals to purchase shares of Fundrise's diverse holdings. The offering is scheduled to close and presents a chance to diversify for investors seeking exposure to the commercial real estate market. Fundrise has demonstrated consistent performance with its previous Reg A offerings.

Investors interested in learning more about the Fundrise Reg A offering can access the company's online resources. There, they can review the offering specifics. Before making any investment decisions, it is always important to conduct thorough research and seek professional guidance.

Securities and Exchange Commission

The Securities and Exchange Commission is/serves as/acts as the primary regulatory/governing/overseeing body for securities/financial markets/investments in the United States/America. Established/Founded/Created in 1934/the early 20th century, the SEC is tasked with/aims to/strives to protect/ensure the fairness and integrity of/maintain financial markets/transactions/instruments by enforcing federal securities laws/regulations/guidelines. Its/The responsibilities include/encompass/extend to registering/regulating/overseeing broker-dealers, investment advisors, and mutual funds, as well as investigating potential fraud/violations of securities laws/market manipulation. The SEC also plays a key role in/actively participates in educating/informing/raising awareness the public about investment risks/securities regulations/financial literacy.

Revolutionize Your Funding Journey With CrowdExpert Title IV Reg A+ Equity Crowdfunding

CrowdExpert Title IV Reg A+ Equity Crowdfunding offers startups a unique and dynamic platform to attract the resources they require for growth and expansion. Leveraging the power of the investment, CrowdExpert connects organizations with investors who are passionate about innovation. By offering shares of equity in exchange for investments, businesses can unlock a wealth of capital from a diverse pool of people. This method of funding not only provides economic support but also fosters recognition for the project, building a strong foundation for future development.

Enjoy from a streamlined and transparent platform
Connect with a wider audience of qualified investors
Boost your development through targeted funding

Gauging the Waters

Before jumping headfirst into any new venture, it's wise to test the waters first. This entails thoughtfully analyzing the current situation. By gathering insights, you can determine the potential receptiveness of your endeavor. It's a sensible approach that can help you minimize setbacks.

Crowdfunding for the Masses

The concept of crowdfunding is no longer a niche practice. It's shifted into a powerful tool that allows individuals and organizations to raise funds directly from the public. This democratization of funding has opened up a world of opportunities for aspiring entrepreneurs, enabling them to bring their ideas to life without relying on traditional sources like banks or investors. By tapping into the collective power of the crowd, crowdfunding campaigns have become a successful way to fund everything from artistic endeavors to social causes.

Platforms like Kickstarter and Indiegogo have become central hubs for crowdfunding projects, connecting creators with potential backers.
The rise of digital platforms has further amplified the reach of crowdfunding campaigns, allowing them to go viral quickly.
Notable achievements abound in the world of crowdfunding, demonstrating its ability to bring impactful change.

As crowdfunding continues to expand, it's clear that this revolutionary model has the potential to reshape the way we think about funding. It empowers individuals, fosters collaboration, and unlocks new possibilities for creativity and progress.

TheStreetShares

StreetShares is a/an/the leading platform/company/solution for small/medium-sized/local businesses. It provides access to/funding through/capital in the form of loans/investment/credit, specifically designed/tailored/optimized for the needs of entrepreneurs/business owners/startups. With a focus on transparency/community/collaboration, StreetShares strives to empower/support/assist businesses by offering competitive rates/flexible terms/attractive options.

Founded in/Established during/Created by 2013/the year 2015/a few years ago, StreetShares has helped/supported/funded thousands of/numerous/a large number of businesses across the United States/country/nation.
Their/Its/The company's mission is to provide financial inclusion/make financing accessible/bridge the funding gap for emerging/growing/aspiring businesses.

Moreover/Additionally/Furthermore, StreetShares offers educational resources/training programs/valuable tools to help businesses succeed/thrive/grow.

Leveraging Regulation A+ for Successful Fundraising

Regulation A+ has emerged as a popular avenue with companies seeking capital. This framework allows private companies to raise significant sums of financing through a streamlined process.

Investors are attracted to Regulation A+ offerings due owing to the opportunity for considerable returns. Moreover, Regulation A+ provides firms with a avenue to secure a broader pool.

A robust Regulation A+ fundraising campaign depends on several key factors. These include a compelling business strategy, a open communication system, and a committed team.

In the end, Regulation A+ offers a practical pathway for enterprises to raise capital.

SEC EquityNet

EquityNet is a platform that provides services to encourage startup businesses. Through its online platform, EquityNet pairs venture capitalists with attractive ventures. The portal features a range of tools to aid in the funding process, among other things due diligence reports, investor evaluation, and dealdocumentation. EquityNet acts an critical role in the ecosystem of startup financing.

Regulation A-Plus Offerings

Companies looking to raise capital may consider Regulation A+ transactions as a less stringent alternative to traditional IPO's. This framework allows companies to secure up to $100 million from the public in a manner that simplifies the fundraising process. Meeting regulatory requirements remains crucial, however, as companies must adhere to stringent disclosure requirements and filing processes. Successful Reg A+ offerings can provide companies with valuable capital to support growth and expansion.

Key advantages of Regulation A+ include its relatively easy process, lower expenses, and the ability to access a wider pool of investors.
Potential drawbacks to be aware of include the ongoing disclosure requirements and the need for expert legal guidance throughout the process.

Navigating Regulation in Crowdfunding

The sphere of crowdfunding has significant evolution, presenting both advantages and obstacles. Government policies play a crucial role in shaping this dynamic {environment|. This demands a thorough grasp of the current guidelines governing crowdfunding businesses.

Financial authorities worldwide are continuously working to create clear standards that promote responsible and sustainable crowdfunding initiatives. These regulations aim to protect both investors and fundraisers while providing a level playing field for all {stakeholders|.

Adherence is crucial for crowdfunding players to function within the law. Failure to conform with applicable regulations can lead significant consequences. As a result, it is critical for crowdfunding players to stay informed of the latest regulatory developments. , understanding and complying with regulations is crucial for the sustainable success and stability of the crowdfunding market.

Providing Requirements

When regulating offerings, it's essential to establish clear and comprehensive requirements. These rules aim to guarantee that offerings meet predetermined levels of quality, safety, and adherence with pertinent laws and standards. Organizations seeking to offer their offerings must adhere these requirements to exist within the framework of legal and ethical boundaries.

Example, offerings in the medical industry are subject to stringent regulations regarding patient confidentiality and data protection.

Conversely, financial offerings must adhere to strict adherence standards to prevent fraud and protect customers.

Regulation A+ Investopedia

Understanding regulation is vital for traders. Investopedia's in-depth resource on regulation provides insight into the complexities of financial markets. From derivatives to lending, Investopedia's explanations demystify key principles related to supervisory frameworks. Whether you are a beginner or an experienced analyst, Investopedia's A+ supervision content deepens your expertise in this dynamic field.

Supervising A+ Companies

The landscape of A+ companies is constantly shifting, presenting both opportunities and challenges for regulators. These high-performing entities often operate at the leading position of innovation, pushing the limits of what's possible. However, their success can also yield complex implications that require careful evaluation. Regulators must aim to cultivate a regulatory environment that is both supportive of innovation while also ensuring sound business practices.

This balancing act requires a refined approach, one that acknowledges the unique get more info characteristics of A+ companies and their impact on the broader economy.

There are several key areas where regulation of A+ companies must be carefully considered. These include:

* Data privacy and security:

A+ companies often collect and process vast amounts of data, raising concerns about the protection of user information.

* Algorithmic transparency and accountability:

As A+ companies increasingly rely on algorithms, it is vital to ensure that these algorithms are explainable and held accountable for their consequences.

* Competition and market dominance:

The success of A+ companies can sometimes lead to worries about market concentration, which could detriment consumer well-being.

Mitigating these challenges requires a multi-stakeholder effort involving regulators, A+ companies, researchers, and the general public. Through transparent discussion, it is possible to develop regulatory frameworks that promote both innovation and the well-being of society.

Regulation A+ Summary

Regulations guarantee a level playing field across industries by setting norms. A+ summaries typically highlight key elements of these regulations, presenting a concise summary for stakeholders. These summaries are essential for understanding conformance requirements and comprehending the details of regulatory frameworks.

Positive impacts of regulation A+ summaries comprise:
Improved understanding of regulatory requirements
Facilitated compliance processes
Reduced risk exposure

Rules for Real Estate Transactions

The real estate market is a complex ecosystem governed by/regulated through/controlled by strict/comprehensive/robust regulations/laws/guidelines. These rules/standards/policies are designed to/implemented for/intended to protect/safeguard/ensure consumers, promote fairness/maintain transparency/foster ethical conduct in transactions, and prevent/mitigate/address fraudulent activities. Real estate professionals, including brokers/agents/developers, are required to/expected to/obligated to comply with/adhere to/follow these regulations/guidelines/standards.

Notable/Key/Important aspects of/areas covered by/issues addressed by regulation in the real estate industry include/encompass/address property disclosures/listings/transactions, agency relationships/client representation/confidentiality agreements, fair housing practices/anti-discrimination policies/equal opportunity laws, and real estate financing/mortgage lending/loan servicing.

Understanding/Being aware of/Familiarizing oneself with these regulations/the regulatory landscape/legal framework is essential for/crucial to/highly important for anyone involved in/participating in/engaged in the real estate market.

The Mini-IPO First JOBS Act Company Goes Public Via Reg A+ on OTCQX

After a lengthy period of preparation and persistence, our company is thrilled to announce its public debut via a Regulation A+ offering on the OTCQX marketplace. This milestone represents a significant achievement for us as we embrace this new chapter of growth and opportunity.

We believe that this listing will provide enhanced visibility to our investors and future stakeholders, while also allowing us to secure the capital necessary to drive our next phase of expansion. We are confident about the future and anticipate to share our progress with all of you.

Facilitates Reg A+ raises on the platform

FundersClub, a leading online equity crowdfunding platform, unveils a new feature that allows companies to conduct Reg A+ raises directly on its portal. This initiative broadens FundersClub's scope, giving entrepreneurs access to a wider pool of investors. With Reg A+, companies can attract up to $50 million from the mass market. FundersClub's user-friendly platform streamlines the fundraising process for companies, making it easier than ever before to access the power of crowdfunding.

Securities Regulation: What is Reg A+

Regulation A+, often referred to as "Reg A+" for brevity, is a/acts as/constitutes a financing exemption within the U.S. securities laws. It allows companies to raise capital from the general public through a process/method/system known as crowdfunding. The goal of Reg A+ is to provide smaller businesses with a more accessible path to raising funds, compared to traditional methods like initial public offerings (IPOs).

Under Reg A+, companies can offer and sell their securities directly to investors online or through broker-dealers. There are two tiers within Reg A+: Tier 1 allows companies to raise up to $20 million within a twelve/one/specified month period, while Tier 2 permits fundraising of up to $75 million over a similar timeframe.

To participate in a Reg A+ offering, investors typically must complete a simple verification process to ensure they meet certain income or net worth requirements. These offerings can be found on specialized Reg A+/Regulation A+ crowdfunding platforms/crowdfunding portals.

These platforms act as intermediaries, connecting companies with potential investors and facilitating the entire fundraising procedure/process/cycle.

Tackling an IPOs

Bringing a company public through an Initial Public Offering (IPO) is a complex undertaking, requiring meticulous planning and adherence to stringent regulations. The regulatory landscape surrounding IPOs can be particularly intricate, involving multiple agencies at both the federal and state levels. To ensure a successful IPO, companies must navigate these regulatory hurdles effectively by complying with disclosure requirements, undergoing review processes, and adhering to market integrity principles. Failure to do so can result in significant penalties, legal action, and damage to the company's reputation.

Companies planning an IPO must engage with regulatory experts to ensure full compliance with applicable laws and regulations.
The Securities and Exchange Commission (SEC) plays a crucial role in overseeing the IPO process, scrutinizing financial statements and other reports.
Corporations must reveal material information to potential investors to ensure transparency and protect investor interests.

Reg A+ Securities Issuances

Reg A+ offerings present a unique avenue for companies to raise equity in the public markets. By leveraging this mechanism, companies can access investments from a wider pool of individuals. This process typically involves filing a registration statement with the Securities and Exchange Commission (SEC) outlining its financial projections. Reg A+ offerings are commonly used by companies in various industries, particularly those seeking to fuel growth.

Some notable benefits of Reg A+ offerings include:A key advantage of Reg A+ offerings is the ability for companies to raise funds directly from investors without relying on traditional underwriting fees. This can lead to significant cost savings and allow companies to retain a larger portion of the capital raised.
Another benefit is the increased visibility that comes with launching a public offering.{Reg A+ offerings also provide companies with enhanced brand recognition and media attention, which can be invaluable for attracting new customers and partners.

However, it's important to note that Reg A+ offerings are not without their challenges. Companies must comply with stringent SEC regulations and prepare comprehensive disclosure documents. It also requires significant effort and resources to effectively market the offering to potential investors.

Framework A+ Rules

The implementation of Regulation A+ standards plays a vital role in guaranteeing transparency within the financial markets. These act as standards of responsible conduct by companies involved in issuing shares. Strict observance of Regulation A+ rules is essential for investors to safeguard their investments.

A robust understanding of Regulation A+ obligations empowers companies seeking funding and individuals investing to navigate the regulatory landscape in the capital markets.

Furthermore, Regulation A+ offers a transparent process for companies can access capital while safeguarding investors' interests.

SlideShare framework a securities act of 1933 jobs act 106 reg A tier 2 offering

The JOBS Act, specifically Section 106, modified Reg A+ as a streamlined mechanism for smaller companies to raise capital. This tier 2 fundraising under Reg A+ allows companies to publicly disclose their securities offerings through various channels, including SlideShare, to attract potential investors. SlideShare's website can be a valuable tool for companies seeking to meet the disclosure obligations of Reg A+ Tier 2 by providing a accessible format to communicate their financial information and business plan with a wider audience.

Note: SlideShare's platform policies should be carefully reviewed to ensure compliance with securities laws and regulations.

Managing a Text Precisely

When dealing with text, governance becomes essential for reaching desired effects. This mechanism involves implementing clear guidelines to maintain consistency and precision.

Controls for text can span a broad variety of aspects, including presentation, tone, and content. By implementing these standards, we can enhance the understanding of text and reduce errors.

Appropriate text regulation plays a role to concise messaging.
Standards foster professionalism in written works.
Consistent text enhances the overall impact of any textual work.

Governance a+ Offering

A regulated a+ offering requires a thorough understanding of the shifting regulatory terrain. This involves assessing relevant laws and implementing robust procedures to ensure fulfillment. A robust a+ offering should also facilitate accountability and strengthen trust with stakeholders.

Essential factors when formulating a compliant a+ offering include: risk management, data security, consumer protection

Legislation A Plus Benefit

When it comes to regulations, a "plus" often signifies a beneficial impact. A regulatory framework that's well-designed and effectively implemented can boost stability. It can also foster innovation by providing a clear environment for businesses to prosper. This, in turn, can lead to financial growth and a higher level of living. Ultimately, "regulation a plus" manifests into a better society for all.

Regulation A

When a enterprise is seeking to raise capital, they have several choices available. Two common approaches are Regulation A and Regulation D. Regulation A is a category of securities offering that allows companies to raise up to $1 million from the public, while Regulation D is used for private placements, permitting companies to sell securities to a limited number of investors.

extends greater public visibility, but it also involves more rigorous guidelines.
{Regulation D|Reg D|concentrates on private placements, making it a good option for companies seeking less public observation.

Ultimately, the best regulation will depend on the company's specific situation and its objectives.

Regulation A under the FRB

FRB Regulation A is a framework/lays out guidelines/establishes parameters for financial institutions to follow. It focuses on safeguarding/protecting/securing depositors and maintaining financial stability/the integrity of/a sound banking system. The regulation covers/addresses/deals with a wide range/broad spectrum/comprehensive set of activities, including capital requirements/asset allocation/risk management. By adhering to these rules/provisions/mandates, financial institutions contribute to/help ensure/play a vital role in the stability and soundness of the overall financial market/economy/system.

DPO

A DPO is a position responsible for overseeing an organization's compliance with GDPR regulations. This crucial leader works to implement procedures that safeguard personal records. They also {act as arepresentative between the organization and authorities, offering assistance on privacy matters.

The SEC Approves New “Reg A+” Rules for Crowdfunding

In a major move to stimulate the crowdfunding sector, the Securities and Exchange Commission|U.S. Securities and Exchange Commission has adopted new rules for “Reg A+”. This legal framework is designed to enable startups to secure capital from a larger pool of individuals.

Reg A+, formerly known as Regulation A, historically allows companies to issue their stocks to the public without the conventional IPO process.
The new rules clarify previous regulations, granting companies with more flexibility in how they raise capital.
This move are projected to {have apositive impact on the crowdfunding landscape, increasing its accessibility for both companies seeking funding and individuals looking to invest.

Comparing Reg A and Reg D

When seeking capital for a new business venture, entrepreneurs often confront the complexities of securities law. Two common avenues for funding these ventures are Regulation A+ and Regulation D, each with its own distinct structure . Regulation A+, also known as mini-IPO , enables companies to raise considerable amounts of capital from the wider public. In contrast, Regulation D is primarily designed for limited offerings where investments are made by a limited number of accredited investors.

Rule 506 of Regulation D further divides private placements into two distinct categories: Rule 506(b) and Rule 506(c). Under Rule 506(b), companies can {raise funds from an unlimited number of accredited investors, but are restricted to offering securities to a maximum of 35 non-accredited investors. Rule 506(c), on the other hand, offers more flexibility by allowing companies to advertise and solicit investments from both accredited and non-accredited investors, provided they conduct due diligence to verify investor authenticity.

Choosing between Regulation A+ and Regulation D involves diligently considering various factors such as the amount of capital required, target audience, regulatory compliance burden, and overall goals of the business.

Report this page

REGULATION A+ OFFERING: HYPE OR REALITY?

Regulation A+ Offering: Hype or Reality?