Securities Act of 1933 is The first major piece of securities industry legislation, which regulates the primary market and requires that non-exempt issuers file a registration statement with the SEC. The Act of 1933 also requires that investors in new issues be given a prospectus.
Applying "Securities Act of 1933" to Securities Exams:
The Securities Act of 1933 could more commonly be called the "prospectus" or "paper" act, as it governs the registration of new issues i.e.: it requires that all new issues be registered with the SEC. It also requires that the public be given full and fair disclosure regarding the issue of securities. As a result, a prospectus, which is a disclosure document, must be given to all first purchasers of securities. The prospectus is a condensed version of the registration statement that is filed with the SEC.