Which of the following best describes the requirements regarding timeliness of information contained in a prospectus?

All information contained in the prospectus must not be more than $9$ months old, dated from the effective date of the registration statement

If the prospectus is used more than $9$ months after the effective date of the registration statement, the information must not be more than $16$ months old

All information contained in the prospectus must not be more than $12$ months dated from the effective date of the registration statement

If the prospectus is used more than $9$ months after the effective date of the registration statement, the information must not be more than $12$ months old