Securities Act of 1933
"truth in securities" law
The Securities Act of 1933 was created; as said in the title; In 1933 and was the first major federal legislation to regulate the offer and sale of securities. Prior to the Act, regulation of securities was chiefly governed by state laws, commonly referred to as blue sky laws. When Congress enacted the 1933 Act, it left existing state securities laws in place.
You should exempt small offerings. By exempting many small offerings from the registration process, the SEC seeks to foster capital formation by lowering the cost of offering securities to the public.