Except in the case of securities exempt from the provisions of the Act (which will be discussed later), the Act (Section 5) makes it unlawful to use the instrumentalities of interstate commerce or of the mails to sell or offer to buy a security or to transport a security for the purpose of sale or delivery after sale unless a registration statment is in effect. It is also made unlawful to use such instrumentalities to transmit a prospectus relating to any registered security unless the prospectus meets the requirements of Section 10, or to transport a security for the purpose of sale or delivery after sale unless accompanied or preceded by such prospectus.
Charles T. Donworth,
A Review of the Securities Act of 1933,
8 Wash. L. Rev.
Available at: https://digitalcommons.law.uw.edu/wlr/vol8/iss2/2