Section 17(a)

Section 17(a) of the Securities Act of 1933 prohibits fraud in the offer or sale of securities. Unlike Rule 10b-5 it reaches offers as well as sales, and two of its three subsections do not require proof of scienter.

law and enforcement · updated 2026-09-08

See also

• Section 17(b) — Section 17(b) of the Securities Act — the anti-touting provision — makes it unlawful to publicise a security for compensation with…
• Rule 10b-5 — Rule 10b-5 is the SEC's general antifraud rule, adopted under Exchange Act section 10(b). It prohibits any device, scheme or artif…

Terms that refer here

Section 17(b)

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