Securities regulation is renowned for its complexity in law and business schools, characterized by a cryptic vocabulary and intricate principles. The subject transitions between esoteric and mundane concepts, akin to an M. C. Escher print. Despite its challenges, studying securities regulation offers rewards like deciphering statutory definitions, contemplating judge-made laws on securities fraud, and exploring private and public securities enforcement. This "examples and explanations" book introduces key U. S. securities regulation concepts, providing opportunities to practice with real-life examples and explanations. By analyzing statutes, rules, and case law, students can arrive at solutions comparable to experienced securities professionals, making the study process both stimulating and enjoyable.