Under Timely Prospectus Delivery for Registration by Coordination, when must a prospectus be delivered to each person to whom an offer is made?

• A. Prior to the offer
• B. No later than with confirmation of trade
• C. After the trade
• D. Only upon request

Answer: (B)

Timely delivery of the prospectus means investors must have the final information when they decide to buy. For securities offered with registration by coordination, the final prospectus must be delivered to every person to whom an offer is made no later than the confirmation of the sale—essentially at the time the trade is confirmed. You can provide a preliminary prospectus earlier, but the final one has to reach the investor by confirmation. Delivering it after the trade, or only upon request, would not satisfy the timely delivery requirement.