An issuer files a registration statement with the SEC for the sale of new securities on May 1. While reviewing the registration statement, the SEC determines that it has not been filed properly and issues a deficiency letter on May 5. The issuer submits a corrected registration statement on May 8. Which of the following is TRUE regarding the 20-day cooling-off period? A) It is halted on the day the deficiency letter is issued and must begin anew from that same date once the corrected registration is received.
B) It is halted and does not resume until 20 days following the corrected registration is received.
C) It continues and is not impacted by the issuance of the deficiency letter by the SE
D) It is halted on the day the deficiency letter is issued and resumes where it left off on the day the corrected registration is received.