Under which act is a prospectus required for a new offering?

A prospectus is a formal document that provides details about an investment offering to the public. The Securities Act of 1933 mandates that a prospectus must be provided in connection with public offerings of securities. The primary purpose of this Act is to ensure transparency and protect investors by requiring that they receive certain key information before making investment decisions. By requiring a prospectus, the Act facilitates informed investing, as the document outlines important details such as the nature of the securities, the risks involved, and the issuer's financial condition.

In contrast, the Securities Exchange Act of 1934 primarily governs the trading of these securities in the secondary market and the ongoing reporting requirements for public companies but does not specifically require a prospectus for new offerings. The Trust Indenture Act of 1939 pertains to the agreements between bond issuers and bondholders but does not require a prospectus in the context of new offerings. Similarly, the Investment Advisors Act of 1940 regulates investment adviser firms and their interactions with clients but is not concerned with the requirement of a prospectus for securities offerings. Therefore, the Securities Act of 1933 is the relevant legislation requiring the provision of a prospectus for new securities offerings.