The Securities Act of 1933, also known as the "truth in securities" law, was enacted to protect investors following the stock market crash of 1929 and the Great Depression that ensued. Its main objectives were to ensure that investors received complete and accurate information regarding the securities they were planning to purchase, and to prohibit fraud in the sale of securities. The Securities Act follows a disclosure philosophy, i.e. it is not illegal to sell a poor investment, if it is accurately disclosed as such. It is only illegal to make false statements or present a misleading view of the investment. Companies are required to disclose important financial and other information by filing a registration statement with the SEC.