What are "blue sky" laws?
What will be an ideal response?
State securities laws, often referred to as "blue sky" laws, regulate securities purchased and sold in intrastate commerce. Securities are regulated (concurrently) by both state and federal laws. State laws require that securities be registered (or qualified) with both federal and state authorities. A state official or office is usually so designated. State disclosure requirements and antifraud provisions are similar to each other and to their federal counterparts, such as the Securities Exchange Act of 1934, SEC Rule 10(b), and Section 10(b).
The Uniform Securities Act has been adopted in part by some states to bring uniformity to state securities laws. The 1995 National Securities Markets Improvement Act limited regulation of investment companies to the Securities and Exchange Commission (SEC) and did away with some state authority in this area.
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