1. Determine Whether You Qualify
2. Decide How Much Capital You Seek
3. Complete the Entrepreneur Application
   

Preliminary Requirement: SEC Qualification
Because ACE-Net was developed by the U.S. Small Business Administration's Office of Advocacy, working in consultation with the U.S. Securities and Exchange Commission (SEC), ACE-Net limits its listing to securities offerings that are exempt from federal registration under SEC's Regulation A or Regulation D, Rule 504.

This means that under SEC rules, the following types of companies or business entities cannot list their securities offerings on ACE-Net:

• sole proprietorships
• partnerships
• limited liability partnerships
• "blank check" companies (companies that raise money to invest in future ventures not yet identified)
• development stage companies that have no specific business plan or purpose
• development stage companies whose business plan is to merge or be acquired by an unidentified company
• investment companies registered or required to register under the Investment Company Act of 1940
• companies involved in oil, gas, or other mineral or extractive interests

Preliminary Requirement: NASAA Qualification
Additionally, relying on the North American Securities Administrators Association (NASAA)'s "Statement of Policy Regarding Small Company Offering Registrations," ACE-Net prohibits the listing of a company if, within the past five years, the company, any of its officers, directors, ten percent or greater stockholders, promoters, or selling agents:

• has filed an application for registration which is subject to a currently effective stop order entered pursuant to any state securities laws;
• has been convicted of any felony involving fraud or deceit;
• is currently subject to any state administrative enforcement order or judgment entered by that state's securities administrator;
• is subject to any state administrative enforcement order or judgment in which fraud or deceit was found, and the order or judgment was entered;
• is subject to any state administrative enforcement order or judgment which prohibits, denies, or revokes the use of any exemption from registration in connection with the offer, purchase, or sale of securities;
• is currently subject to any court order, judgment, or decree that temporarily, preliminarily, or permanently restrains or enjoins such party from engaging in or continuing any practice in connection with the purchase or sale of any security, or involving the making of any false filing with the state;
• has violated the law of a foreign jurisdiction governing or regulating any aspect of the business of securities or banking, or has been the subject of an action of a securities regulator of a foreign jurisdiction denying, revoking, or suspending the right to engage in the business of securities as a broker-dealer, agent, or investment adviser, or is the subject of an action of any securities exchange or self-regulatory organization operating under the authority of the securities regulator of a foreign jurisdiction suspending or expelling such person from membership in such exchange or self-regulatory organization.

If none of the above preliminary restrictions apply to you or your company, you may be eligible to participate in ACE-Net.

Go to detailed instructions on enrolling:

1. Determine Whether You Qualify
2. Decide How Much Capital You Seek
3. Complete the Entrepreneur Application
   
   :: Back to Learn How to Enroll