Client Alert: Upcoming Expiration for Shelf Registration Statements
The SEC's Securities Offering Reform initiative (2005) mandated a three-year expiration for most shelf registration statements. Accordingly, a shelf registration statement that became effective on or after December 1, 2005 will expire three years from its effective date, while a shelf registration statement that became effective before December 1, 2005 will expire on December 1, 2008, regardless of its original effective date. The attached memorandum discusses the three-year expiration provisions applicable to shelf registration statements.