Annual Review of Federal Securities Regulation

This annual review was prepared by the Subcommittee on Annual Review of the Federal Regulation of Securities Committee of the American Bar Association's Section of Business Law. The review covers significant developments during 2005 in the areas of regulatory actions, accounting pronouncements, and case law affecting federal securities regulation. The annual review is written from the perspective of the practicing corporate and securities lawyer. As a result, it emphasizes significant developments under the federal securities laws as they relate to companies, stockholders and their counsel. The discussion is limited to those developments believed to be of the greatest interest to a wide range of practitioners and to exceed a certain threshold of importance. A summary of the federal rulemaking that occurred during the course of 2005 is presented; no significant federal securities legislation was enacted during 2005.