The Securities Act of 1933 The Securities Act of 1933, sometimes called the Truth in Securities Law
{"Image DocumentName": "The Securities Act of 1933The Securities Act of 1933, sometimes called the Truth in Securities Law", "Image ImageDescription": "Deals primarily with new issues of securities. The Act requires that issuers and underwriters provide financial and other significant information concerning securities offered for public sale. The Act prohibits deceit, misrepresentations, and other fraud in the sale of securities. Unlike most of the Blue Skies Laws that focused on the merits of securities, the Securities Act focused on making reliable information available to prospective investors in securities. Its major provisions are as follows: All primary issues must be registered with an appropriate government agency (later to be the Securities Exchange Commission or S.E.C.). The registration will include proper statements and documentation. A prospectus must accompany each new issue. This prospectus must contain a complete and accurate accounting of the firm s condition, risks and prospects and state how the proceeds of the new issue will be used. Small and private issues are exempt from the registration provisions. In addition, a more recently (1982) instituted S.E.C. Rule 415 (shelf registration) allows up two years for securities to actually be issued after completing the S.E.C. registration process. Firms, officers of firms and underwriters are prohibited from making false statements regarding their new issues, and may be criminally liable for doing so.", "Image XResolution": "37", "Image YResolution": "37", "Image ResolutionUnit": "Pixels/Centimeter", "Image Software": "SlidePlayer", "Image YCbCrPositioning": "Centered"}