Series 14: 9.1.2. Investment Company Advertisements And Sales Literature

9.1.2. Investment Company Advertisements and Sales Literature

Investment company advertisements involving new securities are regulated primarily by the Securities Act. Issuers cannot advertise a securities offering before filing a registration statement with the SEC. Any advertisement made by a new issuer before a registration statement becomes effective must be accompanied or preceded by a statutory prospectus. After a registration statement becomes effective, broker-dealers must deliver a prospectus to purchasers of the new securities, either when they are deliv