After the issuer files a registration statement with the Securities and Exchange Commission (SEC), the time known as the cooling-off period begins. This allows a registration to become effective as early as?
1) 40 business days after the date the SEC has received it.
2) 20 calendar days after the date the SEC has received it.
3) 40 calendar days after the date the SEC has received it.
4) 20 business days after the date the SEC has received it.