Securities Regulation Week 4: Registration of Securities Offerings (Lecture Slides)

Abstract

Section 5 of the Securities Exchange Act of 1933 prohibits the purchase or sale of any security through any prospectus or otherwise unless a registration statement has been filed. This section is a foundation of the SEC’s authority to regulate the purchase and sale of securities. Through a series of regulations and interpretations, the SEC has used the authority granted to it by Congress under Section 5 to regulate the purchase and sale of securities to provide investors with adequate information about issuers and the securities they offer to the public. Over time, the SEC’s efforts to promote corporate disclosure have evolved to adapt to changes in the marketplace, technology, and the statutory landscape.