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LEGAL TERMS DIRECTORY
A | B | C | D | E | F | G | H | I | J | K | L | M | N | O | P | Q | R | S | T | U | V | W | X | Y | Z Deficiency Letter Often called a "comment letter." When a registration statement has been filed with the SEC or a state securities administrator, the regulator will usually generate a list of comments from the staff assigned to the letter's review. There are usually separate comments for the text and the financial statements. The process generally involves comparing the filing with the most recent ones the agency has cleared for similar businesses. Since the law does not call upon the SEC to pass upon the adequacy of a registration statement, the comments are only "suggestions." Failure to make changes or otherwise explain each matter may mean that the registration statement never becomes effective and the offering is cancelled. Sometimes the staff will send a bedbug letter, telling the company that its registration statement is considered so deficient that it cannot be fixed with an amendment. Welcome to our Legal Directory
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