What is the duration for which broker-dealers are required to deliver prospectuses for initial public offerings (IPOs) that will be exchange-listed?

Broker-dealers are required to deliver prospectuses for initial public offerings (IPOs) that will be exchange-listed for a duration of 25 days after the deal has closed. This requirement ensures that potential investors have access to the necessary information about the offering, enabling them to make informed investment decisions. Delivery of these prospectuses is a critical part of regulatory compliance and investor protection in the primary market, as it allows all potential buyers to review essential details about the offering, such as risks, business structure, and financial performance prior to making a purchase. This position aligns with the guidelines set by regulatory authorities, which aim to maintain transparency and fairness in the securities market.