comparative United States English original

Securities Act of 1933

The federal statute governing public offers and sales of securities, registration statements, prospectus disclosure, exemptions, and civil liability for defective offering disclosure.

Open source

Use It For

Use this with the Securities Exchange Act of 1934 to distinguish primary-market disclosure from ongoing reporting, trading-market regulation, and fraud liability.

Teaching Notes

The statute is a useful comparator for Chinese IPO registration reform because it places disclosure and liability at the center of market entry.