Registration and Prospectus Delivery Requirements Under the Securities Act Chart

Summary

This chart discusses the requirements prior to offering, selling, or delivering securities in a registered securities offering, as set forth in Section 5 (15 U.S.C. § 77e) of the Securities Act of 1933, as amended (Securities Act), and its related SEC rules and regulations. Section 5 of the Securities Act prohibits the offer and sale of securities prior to filing or having an effective registration statement, respectively, unless an exemption from the registration requirement is available.