Companies frequently need to raise money to expand. To do this, corporations often issue corporate securities—stocks and bonds. But a security is simply a piece of paper; it has no intrinsic value. Consequently, without securities regulations, corporations could easily commit fraud by issuing large numbers of securities and then refusing to repay them. Thus, the government heavily regulates securities issuance and trading.
Read the titles below representing different steps in the registration process. Then draw each step on a timeline to the appropriate location.

Registration Statement
Prefiling Period
Red-Herring Prospectus
Files a Prospectus
Waiting Period
SEC Declares Effective
Sells all Securities
Wants to Issue Securities
Posteffective Period
Registration of Securities Under The Securities Act Of 1933