U.S. Securities Act of 1933
E1733
The U.S. Securities Act of 1933 is a landmark federal law that established strict disclosure requirements for securities offerings to protect investors and restore confidence in financial markets after widespread abuses revealed by the stock market crash and ensuing economic crisis.
Aliases (7)
Statements (57)
| Predicate | Object |
|---|---|
| instanceOf |
United States federal statute
→
securities law → |
| administeredBy |
U.S. Securities and Exchange Commission
→
|
| aimsToPrevent |
widespread abuses in securities offerings revealed after the 1929 crash
→
|
| alsoKnownAs |
Federal Securities Act
→
Securities Act of 1933 → Truth in Securities Act → ’33 Act → |
| appliesTo |
interstate securities offerings
→
securities offerings using instruments of transportation or communication in interstate commerce → securities offerings using the mails → |
| codifiedAt |
15 U.S.C. §§ 77a–77aa
→
|
| contains |
exemptions from registration
→
|
| country |
United States
→
|
| createdRegimeOf |
mandatory disclosure for securities offerings
→
|
| dateSigned |
1933-05-27
→
|
| effectiveDate |
1933-07-27
→
|
| enactedBy |
United States Congress
→
|
| establishesLiabilityFor |
fraudulent or deceptive practices in the offer or sale of securities
→
material misstatements in registration statements → omission of material facts in registration statements → |
| exemptionType |
exempt securities such as government securities
→
intrastate offerings exemption → private offerings exemption → |
| formsPartOf |
U.S. federal securities laws framework
→
|
| historicalContext |
Great Depression
→
aftermath of 1929 stock market crash → |
| influenced |
development of modern securities regulation in the United States
→
|
| keyProvision |
Section 11 civil liability for material misstatements in registration statements
→
Section 12(a)(1) liability for unlawful offers and sales → Section 12(a)(2) liability for misstatements or omissions in prospectuses or oral communications → Section 17(a) antifraud provisions → Section 5 registration requirements → |
| laterInterpretedBy |
Regulation A
→
Regulation D → Regulation S → |
| policyApproach |
disclosure-based regulation rather than merit regulation
→
|
| primaryPurpose |
protect investors
→
require full and fair disclosure in securities offerings → restore confidence in securities markets → |
| providesFor |
civil remedies for investors
→
criminal penalties for willful violations → |
| regulates |
offer and sale of securities
→
|
| relatedTo |
Securities Exchange Act of 1934
→
|
| requires |
delivery of a prospectus to investors
→
filing of a registration statement → registration of public securities offerings with the federal government → |
| section |
Section 11
→
Section 12(a)(1) → Section 12(a)(2) → Section 17(a) → Section 5 → |
| signedBy |
Franklin D. Roosevelt
→
|
| subjectMatter |
other investment securities
→
public offerings of bonds → public offerings of stocks → |
| yearEnacted |
1933
→
|
Referenced by (34)
| Subject (surface form when different) | Predicate |
|---|---|
|
Investment Advisers Act of 1940
("Securities Act of 1933")
→
Investment Company Act of 1940 ("Securities Act of 1933") → Public Utility Holding Company Act of 1935 ("Securities Act of 1933") → Regulation D ("Section 4(a)(2) of the Securities Act of 1933") → Regulation S ("Section 5 of the Securities Act of 1933") → U.S. Securities Exchange Act of 1934 → |
relatedTo |
|
'33 Act
("Truth in Securities Act")
→
U.S. Securities Act of 1933 ("Securities Act of 1933") → U.S. Securities Act of 1933 ("Truth in Securities Act") → U.S. Securities Act of 1933 ("Federal Securities Act") → |
alsoKnownAs |
|
Form D
("Securities Act of 1933")
→
Reg A ("Securities Act of 1933") → Regulation A ("Securities Act of 1933") → Regulation D ("Securities Act of 1933") → |
legalBasis |
|
National Securities Markets Improvement Act of 1996
("Securities Act of 1933")
→
Securities Act Amendments of 1964 ("Securities Act of 1933") → |
amends |
|
'34 Act
("Securities Act of 1933")
→
Public Law 73-291 ("Securities Act of 1933") → |
complements |
|
73rd United States Congress
("Securities Act of 1933")
→
73rd United States Congress ("Truth in Securities Act") → |
enacted |
|
Division of Enforcement
("Securities Act of 1933")
→
Division of Enforcement of the SEC ("Securities Act of 1933") → |
legalAuthority |
|
Division of Investment Management
("Securities Act of 1933")
→
|
appliesLaw |
|
Regulation S
("Securities Act of 1933")
→
|
basedOnStatute |
|
U.S. Securities Act of 1933
("15 U.S.C. §§ 77a–77aa")
→
|
codifiedAt |
|
Rule 144A
("Securities Act of 1933")
→
|
codifiedIn |
|
Commerce and Trade
("Securities Act of 1933 (codified sections)")
→
|
contains |
|
U.S. Congress
("Securities Act of 1933")
→
|
enactsLaw |
|
Securities and Exchange Commission
("Securities Act of 1933")
→
|
enforces |
|
Office of Structured Finance
("Securities Act of 1933")
→
|
governedBy |
|
Great Depression
→
|
hasKeyEvent |
|
'33 Act
("Securities Act of 1933")
→
|
hasOfficialName |
|
Wall Street Crash of 1929
("Securities Act of 1933")
→
|
influenced |
|
United States federal securities markets
("Securities Act of 1933")
→
|
legalFramework |