Answer: 20 days; 2 years
Step-by-step explanation:
Shelf registration is a method whereby publicly traded companies can register their new stock offerings even though they do not issue them immediately as the securities can be issued any time within the period of two years thereby giving room for the company to adjust its sales timing in order to take advantage of the favorable market conditions that may arise.
Therefore, shelf registration allows firms the opportunity to avoid the normal twenty days waiting period by allowing preregistration of securities for up to two years.