Uniform Securities Agent State Law (Series 63) Practice Exam 2025 - Free Series 63 Practice Questions and Study Guide

In a primary offering of registered securities, the document that must be provided to every investor is a prospectus. A prospectus serves as a formal disclosure document that provides essential information about the investment being offered. It includes details such as the company’s business operations, financials, management team, risks associated with the investment, and how the funds raised will be used. This transparency is crucial for allowing investors to make informed decisions about the potential risks and rewards of their investment.

While an offering memorandum may be used in certain contexts for private placements or less formal offerings, it is not the mandated document for registered securities in a primary offering. A registration statement is indeed filed with the regulatory authorities, but it is not directly provided to investors; instead, the prospectus is derived from the registration statement and contains the pertinent information that investors need. A subscription agreement, on the other hand, is a document that an investor signs to invest in a private placement but is not required for registered securities offerings. Thus, the prospectus is the correct document required in this scenario.