Series 63 practice questioneasyProspectus Requirements
Under the Uniform Securities Act (USA), when must a prospectus be delivered to a purchaser in a registered offering?
- ABefore or at the time of the sale✓ Correct answer
- BWithin 7 days after the sale
- COnly if the purchaser requests it
- DNo later than settlement date
Explanation
Why A — Before or at the time of the sale
The USA requires that a prospectus be delivered before or at the time of the sale in a registered offering. Delivering after the sale or only upon request does not meet disclosure requirements. Post-sale delivery (B, D) is too late; (C) is incorrect because delivery is mandatory regardless of the purchaser's request.
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