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Exam Series 7 topic 1 question 140 discussion

Actual exam question from FINRA's Series 7
Question #: 140
Topic #: 1
[All Series 7 Questions]

The registration requirements of the federal securities acts are intended to protect the public interest by providing for a prospectus on new issues and its review by the SEC.
Which of the following is the true of this process?

  • A. It provides the SEC with adequate information on which to base approval for new issues
  • B. It does not imply SEC approval of the issue
  • C. It guarantees purchasers against an untrue statement of material fact or an omission of material fact
  • D. It relieves participating underwriters from any further responsibility for checking essential facts before recommending purchase to the customers
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Suggested Answer: A 🗳️
It does not imply SEC approval of the issue. The SEC does not approval an issue. It only attempts to see that sufficient information has been provided from which a proper investment determination may be made.
by SoIarBeam at Dec. 26, 2023, 3:30 a.m.

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SoIarBeam
4 months, 1 week ago
Based on the information provided the correct answer is B.
upvoted 1 times
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