Revised to reflect the Securities and Exchange Commission's (SEC) offering reform and recent Supreme Court developments, this Hornbook now is completely up-to-date. Coverage includes definition of "security," registration and disclosure obligations under the Securities Act of 1933, exemptions from registration, reporting obligations under the Securities Exchange Act of 1934, the proxy rules, tender offer regulation, and civil liabilities. The book treats broker-dealer regulation, market regulation, and the administrative role of the SEC, as well as proxy rules, insider trading, the Investment Company Act, and the Investment Advisers Act.