Series 79 practice questionmediumFree Writing Prospectus
Under what circumstances must a free writing prospectus be filed with the SEC?
- AFree writing prospectuses never need to be filed with the SEC
- BIssuer at first use; non-issuer upon broad dissemination✓ Correct answer
- COnly if the FWP is longer than 10 pages
- DOnly if the FWP contains forward-looking statements
Explanation
Why B — Issuer at first use; non-issuer upon broad dissemination
Rule 433(d) uses issuer-information and broad-unrestricted-dissemination tests, not a simple 'new material information' test for every underwriter FWP.
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