List the Securities Act conditions before applications are accepted

Key facts

Human involvement

Yellow · Close supervision

How AI is used

From the file, list the filing date and the effective date of any registration statement, and any refusal order, stop order, or pre-effective public proceeding under section 8 that the file records. Do not state an earliest date to accept applications, and do not count an exposure period.

What the lawyer must review

You decide whether an application may be accepted. Securities Act section 5(a) (15 U.S.C. § 77e(a)) makes it unlawful, unless a registration statement is in effect as to a security, to use interstate commerce or the mails to sell that security, or to carry it for the purpose of sale or for delivery after sale. Section 5(c) makes it unlawful to use those means to offer to sell or offer to buy a security unless a registration statement has been filed, or while the registration statement is the subject of a refusal order or stop order or, before its effective date, any public proceeding or examination under section 8 (15 U.S.C. § 77h). The steps in section 8 were not opened. Section 5 does not state a number of days after effectiveness before applications may be accepted. Section 5(d) allows an emerging growth company, or a person authorised to act for it, to communicate with qualified institutional buyers or institutions that are accredited investors, as those terms are defined in 17 CFR § 230.144A and § 230.501(a), about interest in a contemplated offering, subject to section 5(b)(2). Those two definitions were not applied. You do not treat a generated date as the date applications may open.

Written for / version

United States versionUS