SIE (Securities Industry Essentials) Practice Exam

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Which of the following is NOT a full disclosure document used in the sale of securities?

  1. Prospectus

  2. Notice of Sale

  3. Annual report

  4. Registration statement

The correct answer is: Notice of Sale

Prospectus, annual report, and registration statement are all full disclosure documents used in the sale of securities as they provide detailed information about the securities being sold, the issuer, and any risks or potential rewards associated with the investment. However, a notice of sale is not a full disclosure document as it simply informs potential buyers about the upcoming sale without providing any detailed information about the securities or issuer. It is more of a preliminary announcement rather than a comprehensive disclosure document.

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