Blue Sky Law Compliance in Securities Offerings


Summary

This practice note discusses the applicability of, and means of compliance with, state "Blue Sky" laws for securities offerings. Unless an exemption applies regarding the security or the transaction, every offer or sale of a security that is not a "covered security" under the National Securities Markets Improvement Act of 1996 (NSMIA) is subject to registration requirements under the Blue Sky Law of each state in which the offer or sale is made.