what is securities act of 1933
â¢ The Securities Act of 1933 was the first piece of federal legislation to regulate the offer and sale of securities in the United States of America. Prior to the passing of the Securities Act of 1933, regulation of investment securities was primarily governed by state laws (referred to as blue sky laws). The Securities Act of 1933 is distinct from the local blue sky laws, which typically impose very specific and qualitative requirements on security offerings.