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.
Plaintiffs are increasingly seeking relief under state Blue Sky laws
, (87) many of which contain the same elements of and defenses to aiding and abetting liability as do state common law claims.
5/12 (West 2008); TEXAS SECURITIES ACT [section] 33 (West 2008); see also LONG, BLUE SKY LAW
, [section] 9.15 n.10 (West 2008).
Stinner, Note, Estoppel and In Pari Delicto Defenses to Civil Blue Sky Law
Actions, 73 CORNELL L.
Also, subscribers to CCH's (Riverwoods, IL) "Blue Sky Law
Reporter" now have access to "CCH Smart Charts," a service that allows users to compare state 2 securities law information across multiple jurisdictions.
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
The risk presented by the state blue sky laws
and deceptive trade practices is particularly onerous because these regulations apply a negligence standard rather than one of fraud.
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.
Nevertheless, compliance with state blue sky laws
will be required, thus involving contact with securities regulators in each state where there is an owner/insured.
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
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.