The first of the federal securities acts was the Securities Act of 1933. This act requires persons selling a new offering to their clients to:
A) deliver an effective (final) prospectus no later than with confirmation of the sale.
B) deliver a preliminary (red herring) prospectus prior to the sale.
C) deliver a copy of the registration statement no later than with confirmation of the sale.
D) be properly registered prior to making the offer.
Answer: A) deliver an effective (final) prospectus no later than with confirmation of the sale.