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