Which activity is NOT permitted during the cooling-off period for a new issue?

During the cooling-off period for a new issue, several specific activities are allowed while others, such as accepting a check from a customer to purchase the issue, are strictly prohibited. The cooling-off period is essentially a 20-day window following the filing of the registration statement, during which the SEC reviews the offering's registration and ensures compliance with relevant regulations.

Accepting a check from a customer indicates that the issuer is moving forward with the sale of the security, which could imply that the offering is already established, contradicting the cooling-off phase's purpose. During this time, the focus is on gathering interest and conducting due diligence rather than finalizing the sale.

Other activities that are permitted include publishing a tombstone ad, which serves as a notice of the upcoming issue without providing extensive details; soliciting indications of interest, where potential investors can express their potential interest in the security; and taking indications, which involves gathering feedback about how much interest there is in the issue from potential investors. These activities help gauge market demand and prepare for the eventual sale but stop short of actual transactions.