blue skying

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Blue Skying

Referring to research done to ensure that a new issue of a security complies with applicable laws in the state in which it is issued. It especially refers to laws protecting investors from securities fraud. The term became popular when U.S. Supreme Court Justice Joseph McKenna wrote in Hall vs. Geiger-Jones Company (1917) that he wished to protect investors from securities with "no more basis than so many feet of 'blue sky.'" See also: Due Diligence.

blue skying

Used to refer to the determination of whether a new issue of securities meets the requirements for distribution in the various states where the issue will be sold.
References in classic literature ?
Chingachgook has as many different paints as the engineer officer's wife, who takes down natur' on scraps of paper, making the mountains look like cocks of rusty hay, and placing the blue sky in reach of your hand.
On an afternoon in October, or the beginning of November - a fresh watery afternoon, when the turf and paths were rustling with moist, withered leaves, and the cold blue sky was half hidden by clouds - dark grey streamers, rapidly mounting from the west, and boding abundant rain - I requested my young lady to forego her ramble, because I was certain of showers.
Then, when the Doctor could only just see them, they parted company and started going off all different ways--North, East, South and West, looking like tiny grains of black sand creeping across the wide, blue sky.
The spring murmured drowsily beside him; the branches waved dreamily across the blue sky overhead; and a deep sleep, perchance hiding dreams within its depths, fell upon David Swan.
If the weather was inclement," said the captain, "we watched the clouds, and hoped for a sight of the blue sky and the merry sun.
The smiling hills of France appeared in full view with their numerous white houses rendered more conspicuous by the bright green of the trees or the clear blue sky.
At the top a little patch of blue sky was visible, and, in one direction, through an embrasure, he could see foliage, but whether it was beyond or within the temple he did not know.
He was leaning against a tree and looking across the open space into the top of another, or into the blue sky beyond.
He was, I think, fonder of the blue sky and the slow-flowing river and the deep dark woods that grew about his home that of the low-roofed schoolroom.
We mean to be married in the orchard-- with the blue sky over us and the sunshine around us.
I swear," he cried, "by the sun, and by the blue sky of heaven, and by the fire of love that burns my heart, that if you grant my prayer, while they exist you shall never behold me again.
said she, framing herself in the open window, with a background of green sward and blue sky.