This treatise is designed both for attorneys needing an introduction to tbe securities laws as well as for specialists dealing with these issues on a daily basis. Securities law, especially at the federal level, was once considered a specialty that only the large Wall Street law firms had to worry about. That is certainly no longer the case. Lawyers all over the country are fnding themselves in contact with the registration provisions of the Securities Act of 1933. There is hardly a lawyer who himself or herself does not have either directly or indirectly some investment in the stock or bond markets. Furthermore, clients are likely to have similar investments. There is also an ever-increasing number of participants in the options and futures markets.