Regulation A+ Offering: Hype or Reality?

Blog Article

Regulation A+, a relatively new fundraising mechanism, has attracted significant attention from both investors and businesses. Proponents laud its potential to empower access to capital for entrepreneurs, while critics raise questions about its limitations.

The allure of Regulation A+ lies in its ability to leverage the power of crowdfunding to raise funds from a wide pool of investors. This, in theory, can offer businesses with an alternative to traditional financing sources and promote economic development. However, the obstacles associated with navigating the regulatory landscape and the possibility of fraud remain significant concerns.

As the Regulation A+ ecosystem evolves, it will be important to find a balance between fostering innovation and ensuring investor protection. Only then can Regulation A+ truly realize its full capability.

Reg A+ | MOFO

MOFO's team of attorneys is highly knowledgeable about Regulation A+, a provision under the U.S. Securities Laws that allows companies to raise capital through public offerings. Leveraging this framework, businesses can access funding for development while meeting the requirements of legal frameworks. Our lawyers assist companies through every stage of the Regulation A+ procedure, 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. Corporations can use this funding for multiple purposes, such as expanding operations, developing new products, or acquiring other businesses. Manhattan Street Capital provides a thorough platform that assists companies through the entire Regulation A+ process, from application to investor engagement.

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

New Reg A+ Opportunity: What Is A Reg - We Possess 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 services tailored to your specific goals. 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.

Regulation A+ Explained For Startups

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

Fundamental benefits of Regulation A+ include expanded investor access, increased funding potential, and a more transparent fundraising process. Startups considering this option should carefully research the specific requirements and factors.
Seeking guidance from experienced legal and financial professionals is highly recommended to ensure a smooth legislative pathway. 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 framework and its potential impact.

How Regulation A+ Equity Crowdfunding

Regulation A+, also known as Reg A+, functions as a powerful avenue for businesses desiring to raise capital through equity crowdfunding. It provides a streamlined pathway for companies to issue and their securities to the public, such as retail investors. Under Reg A+, companies can raise up to fifteen million dollars in a year, offering them with access to a wider pool of capital than traditionally available through private offerings.

The system 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 associated with the investment.

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

{Ultimately, Regulation A+ provides a viable avenue for businesses to secure funding through the power of the crowd. By making it more accessible for companies to engage with investors, Reg A+ has the potential to stimulate innovation.

Regulation A+ Capital

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

Unrestricted Historical Stock Securities

Venture into the burgeoning realm of Special Purpose Acquisition Colonial Stock Securities, where history meets contemporary finance. These unique offerings grant investors access to a diverse portfolio of reimagined settlements. Each holding represents a stake in the potentialgrowth of these captivating ventures. Pursue this exclusive opportunity to shape to the evolution of our collective past.

A Major Find

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

First| studies are already underway, and we're eager to disseminate more details soon.

Unlocking Capital - Title IV Reg A+

Delve into the exciting world of Title IV Regulation A+ with our insightful infographic. Discover how this powerful financial tool can empower your venture to soar to success. Explore the key benefits of Title IV Reg A+ and understand its significance 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 utilize this unique funding opportunity to fuel your growth . Don't miss out on this essential resource for anyone interested in exploring the exciting realm of Reg A+ crowdfunding .

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

Regulation A-Plus - Securex Filings LLC

Securex Filings LLC acts as a leading facilitator for companies seeking to utilize the potential of Regulation A+ offerings. Possessing extensive expertise in securities law and an intricacies of capital raising, Securex Filings LLC offers a comprehensive range of services designed to simplify the Regulation A+ filing . From preliminary consultations to completion , their committed team assists companies through every step of the regulatory framework .

Securex Filings LLC are designed to supporting businesses in mastering the complexities of Regulation A+.
Businesses can benefit from Securex Filings LLC's knowledge to elevate 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 made available its newest Reg A offering. This type of investment opportunity allows individuals to participate in Fundrise's portfolio of real estate properties. The offering is currently open and presents a potential opportunity for investors seeking exposure to the real estate industry. Fundrise has built a strong track record with its previous Reg A offerings.

Investors interested in learning more about the Fundrise Reg A offering can access the company's platform. There, they can discover information on the offering specifics. Before making any investment decisions, it is always advisable to conduct thorough research and discuss your options.

Securities and Exchange Commission

The Securities and Exchange Commission is/serves as/acts as the primary regulatory/governing/overseeing more info 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.

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

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

Gain from a streamlined and transparent process
Reach a wider audience of possible investors
Propel your development through targeted funding

Gauging the Waters

Before jumping headfirst into any new venture, it's wise to feel out the waters first. This involves carefully assessing the current situation. By gathering insights, you can evaluate the potential response of your project. It's a prudent approach that can help you avoid pitfalls.

Funding for Everyone

The concept of funding campaigns is no longer a niche practice. It's shifted into a powerful tool that allows individuals and businesses to raise funds directly from the public. This democratization of funding has opened up a world of opportunities for creative minds, enabling them to bring their visions 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 popular 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 social media has further amplified the reach of crowdfunding campaigns, allowing them to attract attention quickly.
Success stories abound in the world of crowdfunding, demonstrating its ability to bring impactful change.

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

StreetShares

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 for companies aiming capital. This regulation allows public companies to raise substantial quantities of funds via a streamlined process.

Individuals are lured to Regulation A+ offerings due owing to the chance for significant returns. Moreover, Regulation A+ extends entities with a means to access a broader pool.

A thriving Regulation A+ fundraising campaign depends on several key components. These include a strong business model, a clear communication process, and a dedicated team.

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

The SEC's EquityNet

EquityNet is a platform that provides tools to aid in small businesses. Through its web-based platform, EquityNet pairs investors with attractive new businesses. The website offers a range of resources to aid in the funding process, including due diligence materials, venture capitalist screening, and dealdocumentation. EquityNet acts an critical role in the ecosystem of startup investment.

Regulation A-Plus Offerings

Companies looking to raise capital may evaluate Regulation A+ deals as a less stringent alternative to traditional public listings. This system allows companies to secure up to $50 million from the public in a manner that expedites the fundraising process. Adherence to rules remains crucial, however, as companies must adhere to stringent disclosure mandates 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 simple process, lower expenses, and the ability to tap into a larger investor base.
Considerations to be aware of include the ongoing disclosure requirements and the need for comprehensive legal counsel throughout the process.

Understanding Regulation in Crowdfunding

The landscape of crowdfunding continues to undergo significant growth, presenting both possibilities and complexities. Regulations play a crucial role in shaping this shifting {environment|. This necessitates a comprehensive knowledge of the current legislative framework governing crowdfunding operations.

Government agencies worldwide are steadily endeavoring to create specific guidelines that promote responsible and sustainable crowdfunding initiatives. These regulations aim to ensure both investors and businesses while ensuring a level playing field for all {stakeholders|.

Meeting regulatory requirements is crucial for crowdfunding players to operate within the law. Failure to conform with applicable regulations can lead substantial fines. Therefore,, it is essential for crowdfunding entities to remain updated of the latest regulatory developments. In conclusion understanding and navigating regulations is fundamental for the sustainable success and viability of the crowdfunding market.

Providing Requirements

When controlling offerings, it's essential to establish clear and comprehensive criteria. These guidelines aim to guarantee that offerings meet predetermined benchmarks of quality, protection, and compliance with relevant laws and norms. Entities seeking to submit their offerings must meet these requirements to operate within the structure of legal and ethical limitations.

Specially, offerings in the medical industry are subject to stringent guidelines regarding patient security and data protection.

Conversely, financial products must adhere to strict adherence standards to prevent deception and protect investors.

Governance A+ Investopedia

Understanding governance is vital for market participants. Investopedia's comprehensive resource on supervision provides insight into the nuances of financial markets. From securities to banking, Investopedia's explanations demystify key concepts related to supervisory frameworks. Whether you are a beginner or an veteran analyst, Investopedia's A+ supervision content enhances your expertise in this ever-changing field.

Governing A+ Companies

The arena of A+ companies is constantly transforming, presenting both opportunities and challenges for regulators. These high-performing entities often operate at the forefront of innovation, pushing the thresholds of what's possible. However, their success can also yield complex consequences that require careful evaluation. Regulators must strive to cultivate a regulatory environment that is both encouraging of innovation while also ensuring ethical business practices.

This balancing act requires a refined approach, one that recognizes the unique 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 utilize vast amounts of insights, raising concerns about the safeguarding of user information.

* Algorithmic transparency and accountability:

As A+ companies increasingly rely on algorithms, it is essential to ensure that these algorithms are transparent and held accountable for their outcomes.

* Competition and market dominance:

The success of A+ companies can sometimes lead to fears about market concentration, which could harm consumer interests.

Addressing these challenges requires a collective effort involving regulators, A+ companies, researchers, and the society at large. Through open dialogue, it is possible to develop regulatory frameworks that promote both innovation and the prosperity of society.

Governance A+ Summary

Regulations guarantee a level playing field across industries by setting guidelines. A+ summaries typically highlight key aspects of these regulations, providing a concise summary for stakeholders. These summaries are vital for understanding compliance requirements and navigating the complexities of regulatory frameworks.

Advantages of regulation A+ summaries encompass:
Increased understanding of regulatory requirements
Streamlined compliance processes
Reduced risk exposure

Rules Within the Real Estate Market

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 years 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 greater visibility to our investors and aspiring stakeholders, while also allowing us to secure the capital necessary to power our next phase of expansion. We are optimistic about the future and are eager to share our journey with all of you.

FundersClub enables Reg A+ raises on the platform

FundersClub, a well-established online equity crowdfunding platform, unveils a new feature that enables companies to perform Reg A+ raises directly on its portal. This move enhances FundersClub's scope, giving companies potential to a wider pool of investors. With Reg A+, companies can attract up to $75 million from the retail investors. FundersClub's intuitive platform facilitates the fundraising process for companies, making it more accessible than ever before to leverage the power of crowdfunding.

Understanding Regulation 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.

Navigating 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 fairness principles. Failure to do so can result in significant penalties, legal action, and damage to the company's reputation.

Businesses 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, examining financial statements and other documentation.
Companies must disclose material information to potential investors to ensure transparency and protect investor interests.

Reg A+ Offerings

Reg A+ offerings present a unique opportunity for companies to raise capital in the public markets. By leveraging this regulation, companies can attract investments from a wider pool of investors. This process typically involves filing a registration statement with the Securities and Exchange Commission (SEC) outlining its financial projections. Reg A+ offerings are preferred by companies in various sectors, 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.

Guidelines A+ Policies

The application of Regulation A+ standards has significant importance in promoting transparency within the investment markets. These are designed to guidelines on ethical conduct by entities involved in raising capital. Adhering to Regulation A+ regulations is essential for market participants to safeguard their investments.

A thorough understanding of Regulation A+ obligations empowers both issuers and investors to navigate the regulatory landscape in the capital markets.

Additionally, Regulation A+ offers a well-defined process for companies can raise funds while protecting the integrity of the markets.

SlideShare guidelines 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 route for smaller companies to raise capital. This level 2 capital campaign under Reg A+ allows companies to advertise their securities offerings through various channels, including SlideShare, to attract potential investors. SlideShare's platform can be a valuable tool for companies seeking to meet the disclosure provisions of Reg A+ Tier 2 by providing a user-friendly medium to present their financial information and business plan with a wider audience.

Consider: SlideShare's terms of use should be carefully reviewed to ensure compliance with securities laws and regulations.

Regulating a Text Effectively

When handling text, control becomes essential for achieving desired outcomes. This mechanism involves establishing clear guidelines to guarantee uniformity and accuracy.

Regulations for text can address a diverse spectrum of aspects, including style, language, and matter. By implementing these guidelines, we can enhance the understanding of text and minimize errors.

Successful text regulation enhances to concise messaging.
Guidelines promote credibility in written material.
Consistent text improves the general quality of any piece of writing.

Supervision a+ Offering

A compliant a+ offering entails a meticulous understanding of the evolving regulatory landscape. This involves assessing relevant regulations and incorporating robust procedures to ensure compliance. A successful a+ offering should also enable disclosure and strengthen confidence with customers.

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

Legislation A Plus Advantage

When it comes to policies, a "plus" often signifies a beneficial impact. A regulatory framework that's well-designed and efficiently implemented can improve security. It can also cultivate progress by providing a consistent environment for businesses to prosper. This, in turn, can lead to economic advancement and a higher level of living. Ultimately, "regulation a plus" translates into a healthier society for all.

Regulation D

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

Reg A+extends greater public visibility, but it also involves more strict guidelines.
{Regulation D|Reg D|focuses on private placements, making it a good option for companies seeking less public attention.

Ultimately, the best methodology will depend on the company's specific conditions and its goals.

The FRB's Regulation A

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.

Data Protection Officer

A DPO is a function responsible for overseeing an organization's compliance with data protection regulations. This essential leader works to maintain policies that protect personal records. They also {act as apoint of contact between the organization and supervisory bodies, offering guidance on GDPR matters.

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

In a landmark move to revitalize the crowdfunding industry, the Securities and Exchange Commission|U.S. Securities and Exchange Commission has adopted new rules for “Reg A+”. This administrative framework is designed to facilitate businesses to secure funding from a wider pool of contributors.

Reg A+, formerly known as Regulation A, historically allows companies to sell their securities to the public outside of the established IPO process.
The new rules modify existing regulations, providing companies with greater freedom in how they raise capital.
This move are expected to {have asubstantial impact on the crowdfunding landscape, increasing its accessibility for both companies seeking funding and individuals looking to invest.

Regulation A+ vs Regulation D

When procuring capital for a new business venture, entrepreneurs often confront the complexities of securities law. Two common avenues for securing these ventures are Regulation A+ and Regulation D, each with its own distinct framework . Regulation A+, also known as public offering , permits companies to raise substantial amounts of capital from the wider public. In contrast, Regulation D is primarily designed for confidential funding where investments are made by a limited number of accredited investors.

Rule 506 of Regulation D further categorizes 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, provides more flexibility by allowing companies to advertise and solicit investments from both accredited and non-accredited investors, contingent upon they conduct due diligence to verify investor credentials .

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

Report this page

REGULATION A+ OFFERING: HYPE OR REALITY?

Regulation A+ Offering: Hype or Reality?