The Securities Regulation: Cases and Materials has been updated to reflect the offering reforms of 2005, which have changed the ground rules for public offerings of securities. Chapter 4 has been revised to address changes in the offering process and the expanded shelf registration options for large issuers. Additionally, Chapter 9 has been updated to reflect how the reforms impact liability under the Securities Act for participants in public offerings. The book maintains its pedagogical approach, emphasizing the problem method and maintaining a modular structure for flexibility in topic sequence. Contemporary issues such as the role of the Internet in trading, private litigation reform, state blue sky laws, and globalization of securities offerings are also explored. This edition has reduced unnecessary material and condensed content to remain current without becoming outdated.