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During the past year, the Second Circuit again had occasion to decide several cases in which significant issues under the federal securities law were raised. Although none of last year's lot seems destined to become a landmark, these cases do contain some important refinements and clarifications of earlier, broad policy thrusts. The flurry of new regulatory promulgations by the Securities and Exchange Commission may have commanded the focus of the securities bar in recent months, but the decisions of the Second Circuit in the securities area, last year as usual, also deserve the securities lawyer's careful attention.