This course involves the study of the disclosure philosophy of the federal securities laws and the nature and regulation of the U.S. securities markets. The relevant statutes are the Securities Act of 1933 and the Securities Exchange Act of 1934. Among other topics, the course introduces students to registration requirements and exemptions under the 1933 Act and civil liabilities under both the 1933 and the 1934 Acts. This course covers essentially the same territory as the 3- and 4-credit versions of Securities Regulation, but it emphasizes historical background and core principles while devoting less attention to judicial case law and detailed regulatory requirements. This course would be appropriate for foreign-trained lawyers pursuing the LL.M. degree in Securities and Financial Regulation and for J.D. students desiring an overview of this area.