The registration process under Section 5 of the 1933 act is divided into three time periods. In order, they are:

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The first step in the registration process is prefiling, where the issuer submits the required documents to the SEC for review. The waiting period follows, during which time the SEC reviews the documents and the issuer cannot offer or sell the securities. The final step is the posteffective period, during which the issuer can offer and sell the securities.

The Registration Process Under Section 5 of the 1933 Act