All of the following communications with the general public are considered to be retail communications subject to the communication rules on advertising except:

a. a firm's web site
b. communications or more than 25 retail investors within any 30 calendar day period
c. a firm's electronic bulletin board
d. an issuer's prospectus

d. An issuer's prospectus

Explanation:

The answer will be option D as we know that a prospectus is considered to be a disclosure document, not advertising. It is intended to provide full and fair disclosure of all of the material facts about a new issue that an investor would want to know. It is the formal legal offer of a new issue. It must not contain sales or promotional claims. Prospectuses filed with the SEC are not subject to the FINRA rules on communications with the public, including the content standards. Choice B is the definition of "retail communications" which includes advertising. Choices A and C are electronic examples of advertising.

answer; balance sheets;

answer; private store;