"Regulation D" is a federal regulation promulgated pursuant to the federal Securities Act of 1933, as amended, that provides for three exemptions from the registration requirements of the federal securities laws in connection with the offer and sale of securities. Rules 504, 505, and 506 provides "safe harbors" exempting companies from having to comply with the onerous registration requirements under the federal securities laws when they wish to offer and sell some securities, so long as they can meet the various requirements of the rules, including a limitation on the size of the offering, a limitation on advertising and general solicitation, and the types of investors that are allowed to participate in the offering. Under Rule 506, "accredited investors" are allowed to be investors, as well as up to 35 unaccredited investors. Accredited investors include individuals with a net worth over $1 million and individuals who have had income in excess of $200,000 in the past two years and expect to have such income in the current year. See www.sec.gov.