This is the nation’s first and oldest casebook on securities regulation. This edition has been streamlined for easier use, but it continues to provide instructors and students with the full range of tools for the in-depth study of securities regulation. It has been revised and updated to take into account the following:

• Initial coin offerings and sales of other crypto-assets
• Changes in the primary and secondary capital markets, including high frequency trading
• Certain amendments to the public disclosure requirements
• Amendments to the limited offering exemptions
• The ongoing debate around elements of Rule 10b–5
• Regulation Best Interest
• Recent Supreme Court cases, including their implications for certain civil litigation and the SEC’s continued reliance on administrative proceedings