The process by which the Securities and Exchange Commission (SEC) or a state securities authority reviews a potential stock or debt offering that will be sold to the public. The rules that must be followed are outlined in the Securities Exchange Acts that were passed in 1933 and 1934, and their subsequent amendments. The registration statement filed with the SEC lists the purpose of the offering, identifies the underwriter, and contains detailed information about the companyÂ’s business, such as its management team, products and services, competitive position, and other financial information.