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So, the process is formalized.
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In order to issue securities,
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you--we're talking about public securities here
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--you have to register them with the SEC.
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So, the SEC then becomes a partner
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or an adversary in your effort to issue these securities.
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The SEC, the Securities and Exchange Commission--
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All this might be changed next year, who knows,
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but this is the way it is right now.
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The law says, there's a pre-filing period;
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You have to file with the SEC to get your securities effective.
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The idea--say Ford Motor Company wants to issue new shares.