The United Nations Security Council later imposed sanctions on Pyongyang, which have impeded its efforts to sell conventional weapons abroad, a major source of income for the cash-strapped nation.

VOA: standard.2009.12.08

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