Great Lakes Fund Solutions is talking to brokers, bankers and lawyers who think that they will be able to use Reg A filings more actively once the cap on the size of the offering increases from $5MM to $50MM. With the backlog of things the SEC has to do, it could be that tweaking an old regulation is lower hanging fruit. Even though Mary Jo White is new in the SEC post progress could be made soon.
The public Reg A filing allows advertising and there is no cap on the number of investors. Although there will continue to be expense associated with the SEC filings–an abbreviated S-1, financials, the offering circular–the current expensive state-by-state tweaking of the offering circular is expected to become history.
Here is a pretty good article on the subject: