You could not sell a security without giving a prospectus to the potential buyers and the prospectus would be something approved by the SEC.

没有招股说明书就不可以,出售证券给潜在买家,而且招股书需要通过证交会审核

耶鲁公开课 - 金融市场课程节选

Under Louis Brandeis -Brandeis wanted companies to always present the information, but for him it always meant presenting a document, so they had something called a prospectus, for example.

路易斯·布兰代斯...,他希望公司能够始终提供信息,在他那个时代,是指提供文档,比如当时称为招股说明书一类的文件

耶鲁公开课 - 金融市场课程节选