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At long last, the SEC has announced that it will issue effectiveness orders on registration statements electronically, rather than mailing the orders as is currently the SEC's practice, often several months after the fact. On May 22, 2006, the staffs of the Divisions of Corporation Finance and Investment Management will begin to use the EDGAR system to issue notifications of effectiveness for Securities Act registration statements and post-effective amendments, other than those that become effective automatically by law (e.g., WKSI s-3S, all S-8s et al). These notifications will be posted to the EDGAR system the morning after a filing is determined to be effective. The Divisions will no longer prepare and mail paper effectiveness orders associated with these filings. Registrants will continue to be notified promptly by telephone that their registration statements or post-effective amendments are effective. After May 22, 2006, the SEC's website will also present a list of filings declared effective on the previous business day. The effectiveness notices will be distributed as an EDGAR form type called "EFFECT." The public will now be able to search for a company's filings and be able to see when the staff declared a particular Securities Act registration statement effective.

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