When presented with a securities law question, both the federal securities laws, which
include the Securities Act of 1933 and the Securities Exchange Act of 1934, and state
securities laws, which will include the laws of the state of the company's principal place of
business and each state in which the company proposes to offer and sell securities to its
employees, must be considered. This article addresses considerations under the Securities
Act of 1933, with a brief discussion of similar considerations at the state level.