Historically, these
blue sky laws and regulations--in particular, the state provisions requiring that securities offered by issuers be registered with the states--have been an impediment within our market economy to the efficient movement of capital to its highest and best use.
The TSA, like other states'
Blue Sky laws, provides for secondary liability for both intentional and reckless conduct.
Rarely have statutes enacted with such fanfare and general support subsequently been so universally deprecated In the brutal glare that followed the 1929-1932 stock market crash, it was apparent to virtually all commentators and congressional witnesses on the subject that the
blue sky laws never really had a chance to succeed.
An introduction to
blue sky laws, found on the site's compliance page, is a brief article that explains the role that the states play in securities regulation; the registration of securities transactions; and the registration of brokers, dealers, and agents.
This disclaimer of a solicitation or offer may be necessary to protect the issuer and its employees from being characterized as issuer agents required to register under state
blue sky laws.
With the foreclosure of many of these federal causes of action, state statutes such as the mini-RICO statutes,
blue sky laws and deceptive trade practices may provide a new focus for litigation.
Thus, prudent RRG organizers will proceed on the basis that the exemptions from the federal securities law registration requirements and state
blue sky laws will not apply to ownership interests in the holding company.
Elias will also be published in the Daily News section of Standard Corporation Records, a recognized securities manual for secondary trading in up to 38 states under their
Blue Sky Laws.
Before they even begin to describe the federal securities laws, the authors devote over one hundred pages to tracing the history of the
Blue Sky laws and analyzing their provisions (pp.
Editorial covers: shareholder derivative actions; SEC enforcement; increased responsibility of Boards of Directors; state securities and
Blue Sky laws; managing company communication before and during litgation; disclosure requirements and liability; insider trading; and, defenses against suits.