Hello, I'm a masters student, writing about Rule 144A and Reg S.

I can find lots of information on what Rule 144A and Regulation S do, and a little bit on what they can do when used together. I learned that the SEC would like to have registration of securities, I learned that they have exemptions, and I've sussed out that people would really, really, like to be exempt. I've even found great advice on how to be exempt when you really shouldn't be.
But I haven't figured out why, for the love of god, why, is it so bad to just register with the SEC? Is is paperwork, is it money, is it time? I can't find a single, proper article, on what anybody gains from working this hard to be exempt. Any information would be fantastic.

Also, while it's certainly not required, if you could leave a name and job title so I can site you, that would be just fantastic.

Thanks,
Kyla