The SEC review process strated when the registration statement was filed and the statement was assigned to a branch chief of the division of corporate finance as part of the SEC review the statement was given to accountants attorneys analysts and industry specialsts the SEC review process process was laid out in the securities Act of 1933 which aspired to provide full and fair disclolosure of the character of seenrities sold in interstate commerce under the securities act the registration statement became effective 20 days after the filing date if however the sec found anything in the registration statement that was registrant a letter of comment detailing the deficiencies following a letter of comment the issuing firm was required correct and return the amended statement to the SEC unless an acceleration was granted by the SEC the amended statement restart the 20 day waiting period