Each state has laws that apply to the issuance and trading of securities. State securities laws are called blue sky laws. Most states require those broker-dealers and their representatives who conduct business in their state to register with the state's securities administrator. The state's securities administrator has the power to revoke a broker-dealer's registration or a representative's license if either one has violated the state's securities laws. Securities must also be registered in the state before they may be sold there. Exemptions from state securities requirements include the following:



  • Securities listed on a registered stock exchange
  • Registered investment companies
  • Banks
  • Insurance companies
  • Private investment companies
  • Private placement
  • Nonprofit organizations


Introduction

Related Articles
  1. Professionals

    Series 66 Exam Prep: The Uniform Securities Act

    Before you take the series 66, you need to understand the Uniform Securities Act and the Blue Sky Laws.
  2. Professionals

    Succeeding At The Series 63 Exam

    Your career as a securities agent begins with this test. We'll show you how to score high.
  3. Investing

    Series 63, Series 65 Or Series 66?

    When joining the world of investment professionals, you must take the right exams.
  4. Professionals

    Understanding Series 63

    Series 63 is a securities license that entitles the holder to sell securities in a particular state.
  5. Markets

    The SEC: A Brief History Of Regulation

    The SEC has continued to make the market a safer place and to learn from and adapt to new scandals and crises.
  6. Investing

    Series 63 Exam State Securities Administrator

    Learn what you need to know about the state securities administrator to pass the Series 63 exam.
  7. Managing Wealth

    Career Advice: Investment Banking Vs. Law

    Learn some of the most important differences between a career in investment banking and law, and figure out which career suits you better.
  8. Managing Wealth

    Career Advice: Accounting Vs. Law

    Identify the key differences between working in accounting and working in law. Understand which specific skills make you better-suited for each career.
  9. Markets

    FINRA: How It Protects Investors

    Find out the history of FINRA, and how it's organized to monitor the markets and protect investors.
  10. Professionals

    Who Needs to Take the Series 65?

    Most states require individuals to pass the Series 65 exam in order to act as investment advisors.
Trading Center