What is one of the main requirements of the '33 Act?

The primary focus of the '33 Act, formally known as the Securities Act of 1933, is to ensure transparency and provide investors with reliable information regarding securities offerings. One of its main requirements is the registration of securities with the Securities and Exchange Commission (SEC) before they can be sold to the public. This registration process necessitates that issuers provide a detailed prospectus that includes essential information, such as the business's financial status, potential risks, and the use of the funds raised through the securities.

This requirement serves to protect investors by allowing them to make informed decisions based on accurate and comprehensive data about the securities being offered. While the '33 Act does contribute to the framework for other reporting obligations, such as quarterly reports and capital disclosures, these aspects are more extensively addressed under the Securities Exchange Act of 1934. Therefore, the registration of securities with the SEC stands out as one of the hallmark components of the '33 Act.