Survey Federal Securities Law

Examines Fifth Circuits decisions on securities law during the 1974-5 court term. The survey discusses the changes and the possible errors the recent court made. Several of the more important cases this term provided the court with an opportunity to deal specifically with currently controversial issues. These cases illustrates the need for a flexible, case-by-case approach by the federal courts to questions arising under the federal securities laws. A blind adherence to precedent can result only in the ultimate circumvention of the purposes of these laws. As financing techniques continue to develop and become more elaborate and sophisticated, so must the judicial interpretation of the securities laws continue to develop to meet the need for increasingly sophisticated regulation. A review of the activity of the Fifth Circuit Court of Appeals indicates that it has performed admirably in this regard during the 1973-74 term.