CITE

    15 USC Sec. 77e                                             01/08/2008

EXPCITE

    TITLE 15 - COMMERCE AND TRADE
    CHAPTER 2A - SECURITIES AND TRUST INDENTURES
    SUBCHAPTER I - DOMESTIC SECURITIES

HEAD

    Sec. 77e. Prohibitions relating to interstate commerce and the
      mails

STATUTE

    (a) Sale or delivery after sale of unregistered securities
      Unless a registration statement is in effect as to a security, it
    shall be unlawful for any person, directly or indirectly -
        (1) to make use of any means or instruments of transportation
      or communication in interstate commerce or of the mails to sell
      such security through the use or medium of any prospectus or
      otherwise; or
        (2) to carry or cause to be carried through the mails or in
      interstate commerce, by any means or instruments of
      transportation, any such security for the purpose of sale or for
      delivery after sale.
    (b) Necessity of prospectus meeting requirements of section 77j of
      this title
      It shall be unlawful for any person, directly or indirectly -
        (1) to make use of any means or instruments of transportation
      or communication in interstate commerce or of the mails to carry
      or transmit any prospectus relating to any security with respect
      to which a registration statement has been filed under this
      subchapter, unless such prospectus meets the requirements of
      section 77j of this title; or
        (2) to carry or cause to be carried through the mails or in
      interstate commerce any such security for the purpose of sale or
      for delivery after sale, unless accompanied or preceded by a
      prospectus that meets the requirements of subsection (a) of
      section 77j of this title.
    (c) Necessity of filing registration statement
      It shall be unlawful for any person, directly or indirectly, to
    make use of any means or instruments of transportation or
    communication in interstate commerce or of the mails to offer to
    sell or offer to buy through the use or medium of any prospectus or
    otherwise any security, unless a registration statement has been
    filed as to such security, or while the registration statement is
    the subject of a refusal order or stop order or (prior to the
    effective date of the registration statement) any public proceeding
    or examination under section 77h of this title.

SOURCE

    (May 27, 1933, ch. 38, title I, Sec. 5, 48 Stat. 77; June 6, 1934,
    ch. 404, title II, Sec. 204, 48 Stat. 906; Aug. 10, 1954, ch. 667,
    title I, Sec. 7, 68 Stat. 684.)

AMENDMENTS

      1954 - Subsec. (a)(1). Act Aug. 10, 1954, struck out "or offer to
    buy" after "to sell".
      Subsec. (b). Act Aug. 10, 1954, in par. (1) substituted "with
    respect to which a registration statement has been filed" for
    "registered" and in par. (2) omitted "to" after "to carry or" and
    inserted "subsection (a) of" before "section 77j of this title".
      Subsec. (c). Act Aug. 10, 1954, added subsec. (c).
      1934 - Act June 6, 1934, repealed subsec. (c), the provisions of
    which were replaced by section 77c(a)(11) of this title.
                     EFFECTIVE DATE OF 1954 AMENDMENT
      Amendment by act Aug. 10, 1954, effective 60 days after Aug. 10,
    1954, see note under section 77b of this title.
             INCREASED ACCESS TO FOREIGN BUSINESS INFORMATION
      Pub. L. 104-290, title I, Sec. 109, Oct. 11, 1996, 110 Stat.
    3426, provided that: "Not later than 1 year after the date of
    enactment of this Act [Oct. 11, 1996], the Commission shall adopt
    rules under the Securities Act of 1933 [15 U.S.C. 77a et seq.]
    concerning the status under the registration provisions of the
    Securities Act of 1933 of foreign press conferences and foreign
    press releases by persons engaged in the offer and sale of
    securities."