---
title: "List the Securities Act conditions before applications are accepted"
url: "https://ailawframework.com/practice/capital-markets-and-securities-ecm-dcm-and-disclosure/run-the-exposure-period-and-the-earliest-date-to-accept-applications/united-states"
type: "task_jurisdiction_version"
site: "AI Law Framework"
id: "A4-K20261018-1-US"
practice_area: "Capital Markets & Securities — ECM/DCM and Disclosure"
tier: "yellow"
lawyer_review: "required"
jurisdictions: ["US"]
last_reviewed: "2026-10-22"
---

# List the Securities Act conditions before applications are accepted

> 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.…

Canonical page: https://ailawframework.com/practice/capital-markets-and-securities-ecm-dcm-and-disclosure/run-the-exposure-period-and-the-earliest-date-to-accept-applications/united-states  
Last reviewed: 2026-10-22

Site index for agents: https://ailawframework.com/llms.txt

## Key facts

| Fact | Value |
| --- | --- |
| Practice area | [Capital Markets & Securities — ECM/DCM and Disclosure](https://ailawframework.com/practice/capital-markets-and-securities-ecm-dcm-and-disclosure.md) |
| Human involvement | Yellow: Lawyer and AI draft together |
| 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 | United States |
| Applies to | [Run the exposure period and the earliest date to accept applications](https://ailawframework.com/practice/capital-markets-and-securities-ecm-dcm-and-disclosure/run-the-exposure-period-and-the-earliest-date-to-accept-applications.md) |

## Checking plan

- What the AI does: 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.
- Basis: Checked against the linked sources on 22 October 2026. Confirm the current instrument before reliance.

## Notes

- Section 5 does not state an exposure period or a waiting period after effectiveness before applications may be accepted.
- Rule 144A and Rule 501(a) were not opened. Do not decide who is a qualified institutional buyer or an accredited investor.
- The procedure for a refusal order or a stop order under section 8 was not opened. Record only an order the file already names.

## Sources

- [15 U.S.C. § 77e, prohibitions relating to interstate commerce and the mails](https://www.law.cornell.edu/uscode/text/15/77e) (checked 2026-10-22)
- [15 U.S.C. § 77j, information required in a prospectus](https://www.law.cornell.edu/uscode/text/15/77j) (checked 2026-10-22)

*Practice guidance for planning and review. Confirm current primary sources and the requirements of the actual matter. This is general information, not legal advice.*