Which document specifies the prescribed contents and approval process for securities?

The prospectus is a critical document in the securities market, as it provides detailed information about an investment offering to potential investors. It outlines the nature of the securities being offered, including their risks, the company’s financial performance, management details, and the intended use of the proceeds from the sale. This transparency is essential for investors to make informed decisions.

Furthermore, the prospectus must follow stringent regulatory requirements, which include specified content and an approval process set by regulatory bodies, such as the Securities and Exchange Commission (SEC) in the United States. This ensures that all necessary information is disclosed and that the offering complies with legal standards, safeguarding investor interests.

In contrast, the other options do not fulfill the same role. An investment memo is typically an internal document used by firms to evaluate investment opportunities but does not serve the same regulatory purpose as a prospectus. A financial statement provides a company's overall financial status and performance but does not detail the specific securities being offered. Lastly, a regulatory brief usually summarizes regulatory changes or important updates but does not focus on the content or approval process of securities offerings.