Final answer:
After the issuer files the registration statement with the SEC, it goes through a thorough review process before it can become effective and the securities can be offered to the public.
Step-by-step explanation:
After the issuer files the registration statement with the SEC, a process known as the 'SEC review and comment' begins. During this process, the SEC thoroughly examines the registration statement to ensure compliance with all applicable laws and regulations. The SEC may request clarifications or modifications to the registration statement, and the issuer must address these comments before the registration statement can become effective.
Once the SEC review and comment process is complete and the registration statement is deemed effective, the issuer is then able to offer and sell the registered securities to the public. The registration statement becomes a valuable source of information for potential investors, providing details about the company, its financials, and the risks associated with investing in its securities.
In summary, after the issuer files the registration statement with the SEC, it goes through a thorough review process by the SEC before it can become effective. Once effective, the issuer can proceed with offering and selling the registered securities to the public.