Series 6

AAA

Securities Industry Regulations - Blue Sky Laws

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
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