On May 22, 2006, the staffs of the Divisions of Corporation Finance and Investment Management will begin to use the EDGAR system to issue notifications of effectiveness for Securities Act registration statements and post-effective amendments, other than those that become effective automatically by law. These notifications will be posted to the EDGAR system the morning after a filing is determined to be effective. The Divisions will no longer prepare and mail paper effectiveness orders associated with these filings. Registrants will continue to be notified promptly by telephone that their registration statements or post-effective amendments are effective.

After May 22, 2006, the Commission's website will also present a list of filings declared effective on the previous business day. The effectiveness notices will be distributed as an EDGAR form type called "EFFECT". Consequently, for the first time, an interested person can search for a company's filings and be able to see when the staff declared a particular Securities Act registration statement effective.

Orders relating to applications for registration as a transfer agent or as a municipal securities dealer, prepared by the Commission's Office of Filings and Information Services, also will be supplemented by electronic notifications distributed through EDGAR on the morning after those applications are granted.

John White, Director of the Division of Corporation Finance, said, "We believe that this is a significant step in providing an on-line picture of a company's filing history for both registrants and the public. The implementation of this new system will afford members of the public and participants in securities offerings prompt, reliable public confirmation that registration statements are effective."