Funds raising money outside the United States often rely on Regulation S under the Securities Act for their exemption from the registration requirements of the Securities Act. Regulation S uses a territorial approach for offers and sales of securities pursuant to which the registration requirements of the Securities Act apply to persons in the United States, regardless of citizenship, but do not apply to persons residing outside the United States. Under Regulation S, funds may engage in any offers and sales of securities to any persons for any amounts without violating the registration requirements of the Securities Act, provided that the requirements of Regulation S are met
