Under the Securities Act of 1933, which of the following does not meet the definition of a prospectus?
A) A newsletter from a brokerage firm announcing the availability of a security.
B) An advertisement in a newspaper describing the benefits of a certain mutual fund.
C) A telephone call from a broker to a client advising the purchase of a security.
D) A publicity release that describes a security.
Answer: C) A telephone call from a broker to a client advising the purchase of a security.