The Two Phase Locking (2PL) protocol ensures two distinct phases: the growing phase (acquiring locks) and the shrinking phase (releasing locks).
Option (A): 2PL permits only serializable schedules by ensuring conflict-serializability. Hence, (A) is correct.
Option (B): This statement is incorrect because locks are not acquired and released immediately for every operation. Locks are held until the shrinking phase.
Option (C): In 2PL, once a lock is released during the shrinking phase, no new locks can be acquired. This is a key property of 2PL. Hence, (C) is correct.
Option (D): Deadlocks can occur in 2PL due to circular wait conditions. Hence, (D) is correct.
Final Answer:
\[
\boxed{\text{(A), (C), (D)}}
\]