---
title: "Check the age of the information in a prospectus used after the effective date"
url: "https://ailawframework.com/practice/capital-markets-and-securities-ecm-dcm-and-disclosure/decide-whether-a-supplementary-or-replacement-prospectus-is-needed-and-p/united-states"
type: "task_jurisdiction_version"
site: "AI Law Framework"
id: "A4-K20261018-2-US"
practice_area: "Capital Markets & Securities — ECM/DCM and Disclosure"
tier: "yellow"
lawyer_review: "required"
jurisdictions: ["US"]
last_reviewed: "2026-10-22"
---

# Check the age of the information in a prospectus used after the effective date

> Record the effective date of the registration statement, the date the prospectus is proposed to be used, and the date of each item of information the prospectus states.…

Canonical page: https://ailawframework.com/practice/capital-markets-and-securities-ecm-dcm-and-disclosure/decide-whether-a-supplementary-or-replacement-prospectus-is-needed-and-p/united-states  
Last reviewed: 2026-10-22

Site index for agents: https://ailawframework.com/llms.txt

## Key facts

| Fact | Value |
| --- | --- |
| Practice area | [Capital Markets & Securities — ECM/DCM and Disclosure](https://ailawframework.com/practice/capital-markets-and-securities-ecm-dcm-and-disclosure.md) |
| Human involvement | Yellow: Lawyer and AI draft together |
| How AI is used | Record the effective date of the registration statement, the date the prospectus is proposed to be used, and the date of each item of information the prospectus states. Mark an item whose stated date is more than sixteen months before the proposed use. Write no prospectus sentence. |
| What the lawyer must review | You decide whether the prospectus may be used and you write any updating language. Section 10 of the Securities Act (15 U.S.C. § 77j) provides that, when a prospectus is used more than nine months after the effective date of the registration statement, the information contained in it shall be as of a date not more than sixteen months prior to such use, so far as such information is known to the user of the prospectus or can be furnished by such user without unreasonable effort or expense. Section 5(b) of the Securities Act (15 U.S.C. § 77e(b)) makes it unlawful to carry a security for the purpose of sale or for delivery after sale in interstate commerce or through the mails unless accompanied or preceded by a prospectus that meets section 10(a). There is no Australian supplementary-prospectus regime in either section. ABA Formal Opinion 512: reliance on generated output without independent verification can breach Model Rule 1.1. |
| Written for | United States |
| Applies to | [Decide whether a supplementary or replacement prospectus is needed and prepare it](https://ailawframework.com/practice/capital-markets-and-securities-ecm-dcm-and-disclosure/decide-whether-a-supplementary-or-replacement-prospectus-is-needed-and-p.md) |

## Checking plan

- What the AI does: Record the effective date of the registration statement, the date the prospectus is proposed to be used, and the date of each item of information the prospectus states. Mark an item whose stated date is more than sixteen months before the proposed use. Write no prospectus sentence.
- Basis: Checked against the linked sources on 22 October 2026. Confirm the current instrument before reliance.

## Notes

- The nine-month and sixteen-month rule is the sentence in § 77j that begins once a prospectus is used more than nine months after effectiveness. It is not a trigger to lodge an Australian replacement prospectus.
- What the user knew, and what could be furnished without unreasonable effort or expense, is for you to judge. The date list does not make that judgment.

## Sources

- [15 U.S.C. § 77j, information required in a prospectus (Securities Act § 10)](https://www.law.cornell.edu/uscode/text/15/77j) (checked 2026-10-22)
- [15 U.S.C. § 77e, prohibitions relating to interstate commerce and the mails (Securities Act § 5)](https://www.law.cornell.edu/uscode/text/15/77e) (checked 2026-10-22)
- [ABA Formal Opinion 512, Generative Artificial Intelligence Tools (29 July 2024)](https://www.americanbar.org/content/dam/aba/administrative/professional_responsibility/ethics-opinions/aba-formal-opinion-512.pdf) (checked 2026-10-22)

*Practice guidance for planning and review. Confirm current primary sources and the requirements of the actual matter. This is general information, not legal advice.*