This text provides an understanding of the basic content and organization of federal (and state) securities law. The growth and elaboration of this field in recent years has been phenomenal. This text summarizes the essential background and current status of each major area, while keeping details and citations to a minimum. It includes references to the relevant statutes, SEC rules and releases, and other governmental materials, as well as to "leading cases," where they exist, and to illustrative cases in other areas. The text provides the scope and highlights you need to excel in understanding this field. This will enable you to answer exam questions more quickly and accurately, and enhance your skills as an attorney.