Securities regulation deals primarily with the laws preventing and providing remedies for fraud in the sale of stocks and bonds. Texas has two major statutes to combat securities fraud: The Texas Securities Act (TSA) and the Texas Stock Fraud Act (TSFA). Since the legislature modeled the fraud provisions of the TSA on the federal statutes, Texas courts use federal decisions under the federal statutes to interpret the TSA’s similar language. This article, therefore, includes the Fifth Circuit cases involving state law and securities fraud under federal law. The author does not intend for this article to exhaust all aspects of securities regulation but rather to update the Texas-based securities practitioner on new Texas developments of interest during the period of December 1, 2015, to November 30, 2016.
George L. Flint Jr., Securities Regulation, 3 SMU Ann. Tex. Surv. 419 (2017)