Blue-sky laws are regulations enforced by state governments. These laws govern the sales of securities in the geographic region, as well as the registration of stock brokers and investment advisers. Each state of the United States has a securities law division. The regulatory boards go by various titles, for example, California has the Department of Corporations and Texas has the State Securities Board. Official language(s) English Capital Sacramento Largest city Los Angeles Area - Total - Width - Length - % water - Latitude - Longitude Ranked 3rd 410,000 km² 402. ... Official language(s) None. ...
A blueskylaw is a statelaw in the United States that regulates the offering and sale of securities to protect the public from fraud.
Each state'sblueskylaw is administered by its appropriate regulatory agency, and most also provide private causes of action for private investors who have been injured by securities fraud.
The first blueskylaw was enacted in Kansas in 1911, and served as a model for similar statutes in other states.
Blueskylaws vary from one state to another, although most have similar prohibitions against fraud and require registration of most securities offered for sale, with the exception of municipal bonds.
Geiger-Jones Co. (1917) that the laws were intended to prevent speculative schemes based on nothing more than "so many feet of 'bluesky.'" The requirements of blueskylaws vary from state to state, but generally stipulate that securities offerings and brokers be registered.
Blueskylaws place requirements on corporations and securities dealerships that offer investments for sale to the public in a particular state.
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