cooling off period


Also found in: Dictionary, Legal, Idioms, Wikipedia.

Cooling-Off Period

An SEC rule mandating that several days transpire between the filing of a new issue's prospectus and the actual offering of the issue. This allows potential buyers and the seller to have a final chance to investigate the new issue and attempt to determine if there will be any previously unforeseen problems. The cooling off period is usually 20 days, but the SEC may change that for individual offerings at its discretion. It is also called the waiting period.

cooling off period

A time period within which a person may change his or her mind about a contractual agreement and cancel it without penalty.The right must be granted within the contract itself or by virtue of consumer protection statutes because it does not exist at common law.

References in periodicals archive ?
Betsson's understanding is that all international operators currently in the market would be eligible for a Dutch license but such license may be issued with a delay reflecting the cooling off period. It is also the company's understanding that this period is not intended to be a blackout period.
But the Delhi High Court has said that one has to read both guidelines concurrently, which means that there has to be a cooling off period after two successive terms as secretary/ treasurer, if one is seeking to become the president," he said.
If you decide to cancel your order within the cooling off period, you must tell the trader in writing.
In 2002, SOX mandated a one-year cooling off period for firms desiring to hire external audit engagement team members into accounting oversight positions.
"We have had to take a bit of time out and have a bit of a cooling off period," said Klass.
While both parties seem to agree on a six-week cooling off period, Prime Minister Ariel Sharon is insisting that there must first be 10 days of total calm in the region.
At its regular meeting on Tuesday, the Supervisory Board of Eesti Pank set the cooling off period for Governor Ardo Hansson, which will be for one year after his term of office ends.
The bank has cancelled the appointment of Anil Keshary Shah as its chief executive officer (CEO) after Nepal Rastra Bank (NRB) introduced a new rule on a cooling off period for chief executives of banks and financial institutions (BFIs).
Under the proposals - agreed by the energy industry - from December 31 households will be able to change supplier after just three days plus a 14-day cooling off period. And Ofgem plans to introduce next day switching from 2018.
While no member will be allowed to hold the post of an ' office bearer' for more than five consecutive terms, or 20 years, they will be eligible for a re- election after a cooling off period. This cooling off period will be three- and- a- half years, which is six months less than one term lasting four years.
The law states that traders who conduct their business by visiting consumers' homes, whether or not their visit is solicited or unsolicited by the consumer, are required to issue a seven day cancellation notice or cooling off period.
As well as tackling bank charges, it also plans to introduce a seven-day cooling off period for people taking out store cards, and give the regulator the power to cap interest rates on credit and store cards.