What Are Blue Sky Laws, and What Is Their Purpose? - Transcript
Laws are the state equivalent of the Securities Exchange acts and the investment advisor act and they typically mirror a uniform State Securities act but they do not necessarily all have to do that and they each state really tailors it as they see fit to protect their particular citizens and they have state Securities divisions that enforce uh on a civil and criminal uh track their state Securities laws and Most states provide remedies for private rights of action meaning an investor to bring their own case under the state Securities laws and sometimes they have really good damage Provisions in the state Securities laws famously not New York more than Martin act which has no private right of action but that is an outlier.