The Prospectus & Registration
Under the Securities Act of 1933, a new issue must be registered with the SEC and sold with a prospectus — the disclosure document, drawn from the registration statement, that gives investors the material facts about the issuer and the offering.
The final prospectus must precede or accompany every sale of the new issue. Shelf registration under Rule 415 lets a seasoned issuer register securities once and sell them in pieces over time as market conditions allow.