Under Registration by Qualification, when must a prospectus be sent or given to each person to whom an offer is made?

• A. Prior to sale
• B. With confirmation of trade
• C. After sale
• D. Only upon request

Answer: (A)

Under Registration by Qualification, you must deliver the prospectus to every person to whom an offer is made before any sale occurs. This timing ensures that each potential investor has full information about the security and the issuer before deciding to buy, which supports fair dealing and protects against misrepresentation. Delivering the prospectus at or after the sale would deprive offerees of important information needed to evaluate the investment, and providing it only upon request would allow sales to proceed without guaranteed disclosure. Therefore, the required timing is prior to the sale.