Securities Act of 1933
Also called: 1933 Act, Securities Act, truth in securities
The Securities Act of 1933 governs the initial sale of securities, requiring registration and a prospectus unless an exemption applies. Its principle is disclosure: sell what you like, but tell the truth about it, with liability attached to misstatements. Every private placement structure exists to fit inside one of its exemptions, which is why Regulation D matters so much in practice.