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Prospectus Disclosure and Delivery Requirements § 4:1.2Act with respect to the securities. Section 5 also provides that it isunlawful for an issuer to use the mails or other means of interstatecommerce to deliver its securities to purchasers unless the securitiesare accompanied or preceded by a prospectus that meets the requirementsof section 10 of the 1933 Act.Section 7 of the 1940 Act provides that a mutual fund may notengage in business unless registered under the 1940 Act.§ 4:1.2 The Federal Registration Process[A] Applicable FormsSection 8(a) of the 1940 Act permits a mutual fund to register underthe 1940 Act by notification, and the Commission has specified FormN-8A as the form of Notification of Registration, which for mostnew funds is only one or two pages long. Section 8(b) of the 1940 Actrequires every investment company which has registered undersection 8(a) to file a registration statement with the Commission.Rule 8b-5 under the 1940 Act requires the fund to file its registrationstatement within three months after filing the Notification ofRegistration (or, if the fund’s fiscal year ends within this three-monthperiod, within three months after the end of its fiscal year).The Commission has designated Form N-1A as the form ofregistration statement for mutual funds that will meet therequirements of both section 5 of the 1933 Act and section 8(b) ofthe 1940 Act.[B] Automatic Effectiveness—Delaying AmendmentSection 8(a) of the 1933 Act provides that a registration statementfiled under that Act shall automatically become “effective” twenty daysafter it is filed with the SEC. However, the SEC staff usually cannotprocess new filings within that period, and it therefore expects newregistrants to include on the cover page of the registration statementautomatic “delaying amendment” language pursuant to Rule 473under the 1933 Act. This language in effect gives the SEC the powerto delay the effectiveness of the registration statement until it issatisfied that the disclosure is adequate:The registrant hereby amends this registration statement on suchdate or dates as may be necessary to delay its effective date untilthe registrant shall file a further amendment which specificallystates that this registration statement shall thereafter becomeeffective in accordance with section 8(a) of the Securities Act of1933 or until the registration statement shall become effective onsuch date as the Commission, acting pursuant to section 8(a),may determine.(Mutual Fund Reg., Rel. #9, 6/11)4–3