A prospectus that is issued in a written, electronic, or graphic format describing the issuing company or its securities. It typically states that the investor can obtain a copy thereof at the website of a securities commission (the SEC). The issuer must file this prospectus with the securities commission no later than the first date it is obtained. In the case of inexperienced issuers, the securities commission may require that a preliminary prospectus is filed before the filing of a free-writing prospectus.

In the United States, the SEC authorized the use of a free-writing prospectus in recognition of modern communication technologies.