Generally refers to the offering document used by an issuer and underwriters to market a public offering of securities.

A prospectus is required to be delivered in connection with a distribution of securities, unless an exemption is available.

The preliminary prospectus is essentially the first draft of the prospectus filed with the applicable Securities Regulatory Authorities in the jurisdictions where the securities are to be distributed which may omit certain information relating to the offering (such as the final offering price). The preliminary prospectus is also known as the "red herring" because of the red ink used on the front page, which indicates that some information, including the price and size of the offering, is subject to change.

The final prospectus is an updated version of the preliminary prospectus, contains all final offering information (such as pricing and underwriting details) and reflects amendments to the prospectus subsequent to the date of the preliminary prospectus.

There are several types of prospectuses that may be filed with the Securities Regulatory Authorities in Canada:

For information on the review procedures for prospectuses, see National Policy 11-202 - Process for Prospectus Reviews in Multiple Jurisdictions (NP 11-202).