<P> The wording can be, and usually is, slightly different with each individual filing . An example is the 2012 Facebook prospectus . </P> <P> The minimum period between the filing of a Registration and its effective date is 20 days, called the "cooling - off period ." The SEC can deem the registration "deficient" in which case registration does not become effective until the deficiencies are corrected . The SEC does not approve the securities registered with it, does not pass on the investment merits, nor guarantee the accuracy of the statements within the registration statement or prospectus . The SEC merely attempts to make certain that all pertinent information is disclosed . </P>

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