When must a recorded road show first be made available to investors?

The recorded road show must be made available to investors before the first use date. This requirement ensures that investors have the opportunity to review the presentation materials prior to any sales discussions or marketing efforts related to the offering. By making the road show available beforehand, issuers can provide potential investors with all necessary information to make informed decisions about the investment opportunity.

This timing is critical because it aligns with FINRA's guidelines regarding transparency and investor protection. Investors need access to material information that may influence their decision-making when considering a new issue, and having the recorded road show available in advance supports this objective. Adhering to this timeline also enhances regulatory compliance for the firms conducting the offering while maintaining investors' trust.