Sections 5(a) & 5 of the Securities Act of 1933 – 15 U.S.C. Sec. 77e(a) and 77— - Offer and Sale of Unregistered Securities — SEC Version, are two sections of the U.S. Securities Act of 1933 which regulate the sale of unregistered securities. Section 5(a) of the Act states that the offer or sale of any security not registered with the Securities and Exchange Commission (SEC) is prohibited. Section 5(b) of the Act states that any security which is offered without registration must be accompanied by a prospectus, which is a disclosure document which contains information about the security, its issuer, and related matters. There are two types of Sections 5(a) & 5 of the Securities Act of 1933 – 15 U.S.C. Sec. 77e(a) and 77— - Offer and Sale of Unregistered Securities — SEC Version: (1) Section 5(a) which prohibits the offer or sale of any security not registered with the SEC, and (2) Section 5(b) which requires the accompanying of a prospectus for any security that is offered without registration.