Which federal securities regulation requires disclosure by issuers offering securities to the public?

The Securities Act of 1933 is the correct answer because it specifically mandates that issuers provide full and fair disclosure of information to potential investors when offering securities for sale to the public. This regulation aims to ensure that investors can make informed decisions based on adequate information about the assets being offered. It establishes the requirement for a registration statement that includes detailed information about the company, its business operations, financial condition, and key risks involved in the investment.

This act is foundational to federal securities regulation, providing the necessary framework for transparency and accountability in the sale of securities. It was enacted in response to the stock market crash of 1929 and aims to prevent fraud and ensure that investors have access to critical financial information before purchasing securities.

In contrast, while the Securities Exchange Act of 1934 primarily governs the trading of securities after they have been issued and requires ongoing disclosure from publicly traded companies, and the Investment Company Act of 1940 addresses disclosure specifically for investment companies, those do not fulfill the role of requiring initial disclosures for public offerings as the Securities Act of 1933 does. The Dodd-Frank Act introduced reforms to improve accountability and transparency in the financial system, but it does not specifically impose the initial disclosure requirements related to public offerings found in