The post-effective period: Multiple Choice begins once the registration statement has been filed with the Securities and Exchange Commission (SEC) announces a forthcoming sale of securities during the waiting period though a brief advertisement refers to the time period that begins when the Securities and Exchange Commission (SEC) declares the registration statement effective and ends when the issuer sells all securities offered or withdraws them from sale is the period of time prior to a registration being filed with the Securities and Exchange Commission (SEC) refers to the time period that begins when the Securities and Exchange Commission (SEC) declares the registration statement ineffective and ends when the issuer sells all securities offered or withdraws them from sale