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Between 1911 and 1933, 47 states adopted blue-sky statutes (Nevada was the lone holdout [2]). Today, the blue sky laws of 40 of the 50 states are patterned after the Uniform Securities Act of 1956. Historically, the federal securities laws and the state blue sky laws complemented and often duplicated one another.
The Uniform Securities Act provides model legislation that can be enacted by a state to provide this protection. The state security laws are often known as blue sky laws . The Act was first promulgated in 1930, when it was entitled the Uniform Sales of Securities Act of 1930. [ 1 ]
Joseph Norman Dolley (1860–1940) was the bank commissioner of State of Kansas who pushed for the passage of the first state securities laws, known as the blue-sky laws. [1] J.N. Dolley, as he was known, was born in Boston, Massachusetts, a son of Joseph Norman and Ellen (Broderick) Dolley.
State laws governing issuance and trading of securities are commonly referred to as blue sky laws and mostly deal with fraud and fraud investigation privileges, registration of securities, and registration of broker-dealers. In general, states allow injunctions to stop businesses from potentially fraudulent activity and states give broad ...
The Securities Act of 1933, also known as the 1933 Act, the Securities Act, the Truth in Securities Act, the Federal Securities Act, and the '33 Act, was enacted by the United States Congress on May 27, 1933, during the Great Depression and after the stock market crash of 1929. It is an integral part of United States securities regulation.
Geiger-Jones Co., 242 U.S. 539 (1917), is a United States Supreme Court case in which the Court upheld individual states' power to regulate the offer, sale, and purchase of securities. Such regulatory laws are commonly known today as " blue-sky laws "; the phrase is often said to be based on this opinion, although speculative securities were ...
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The 1933 Act was the first major federal legislation to regulate the offer and sale of securities. Prior to the Act, regulation of securities was chiefly governed by state laws, commonly referred to as blue sky laws. When Congress enacted the 1933 Act, it left in place a patchwork of existing state securities laws to supplement federal laws in ...