Under the 1933 Act,the basic period of the statute of limitations starts to run even before the discovery of the untrue statement or omission.

Question

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The statute of limitations is a defense for both civil and criminal liability. The basic period is one year. The one year does not start to run until the discovery of the untrue statement or omission. Or it does not start to run until the time such discovery would have been made with reasonable diligence.

Under the 1933 Act,the Basic Period of the Statute of Limitations