The framework of securities regulation -- The definition of a security -- Markets and their efficiency -- The public offering -- Exempt transactions -- Secondary distributions -- Recapitalizations, reorganizations, and acquisitions -- Exempt securities -- Liability under the securities act -- Financial reporting: mechanisms, duties, and culture -- Inquiries into the materiality of information -- Fraud in connection with the purchase or sale of a security -- The enforcement of the securities laws -- The regulation of insider trading -- Shareholder voting and going-private transactions -- Corporate takeovers -- Regulation of the securities markets and broker-dealers -- The investment advisers and investment company acts of 1940 -- Transnational fraud and the reach of U.S. securities laws.