Cite as: 513 U. S. 561 (1995)
Opinion of the Court
for the more feverish pace which American finance has developed." Id., at 9. These passages confirm that the civil liability provisions of the 1933 Act, §§ 11 and 12, impose obligations on those engaged in "the business of issuing securities," in conformance, not in contradiction to, the British example.
Nothing in the legislative history, moreover, suggests Congress intended to create two types of prospectuses, a formal prospectus required to comply with both §§ 10 and 12, and a second, less formal prospectus, to which only § 12 would be applicable. The Act proceeds by definitions more stable and precise. The legislative history confirms what the text of the Act dictates: § 10's requirements govern all prospectuses defined by § 2(10) (although, as we pointed out earlier, certain classes of securities are exempted from § 10 by operation of § 3). In discussing § 10, the House Report stated:
"Section 10 of the bill requires that any 'prospectus' used in connection with the sale of any securities, if it is more than a mere announcement of the name and price of the issue offered and an offer of full details upon request [the exception codified at § 2(10)(b)], must include a substantial portion of the information required in the 'registration statement.' . . .
" 'Prospectus' is defined in section 2(1) [now § 2(10)] to include 'any prospectus, notice, circular, advertisement, letter, or other communication offering any security for sale.'
"The purpose of these sections is to secure for potential buyers the means of understanding the intricacies of the transaction into which they are invited." Id., at 8.
Nothing in the Report suggests that Congress thought that § 10 would apply only to formal prospectuses required to be produced by § 5. See 15 U. S. C. § 77e. Cf. post, at 589 (Thomas, J., dissenting). The Report undermines the dis-
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