In this lesson, we’ll learn about the requirements to register securities before they’re offered to the public.

I. Registering Public Offerings

Section 5 of the Securities Act requires that unless there’s an exemption, securities can’t be sold or delivered without there being a registration statement on file with the SEC that’s become effective. Section 5 also prohibits the offering of securities until a registration statement’s been filed with the SEC.

Public offerings are registered by filing...