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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.
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 name that is given to the law indicates the evil at which it is aimed, that is, to use the language of a cited case, "speculative schemes which have no more basis than so many feet of 'blue sky'"; or, as stated by counsel in another case, "to stop the sale of stock in fly-by-night concerns, visionary oil wells, distant gold mines and other ...
The National Securities Markets Improvement Act of 1996 added a new Section 18 to the 1933 Act which preempts blue sky law merit review of certain kinds of offerings. [further explanation needed] Part of the New Deal, the Act was drafted by Benjamin V. Cohen, Thomas Corcoran, and James M. Landis, and signed into law by President Franklin D ...
However, blue sky laws were generally considered ineffective. For example, as early as 1915, the Investment Bankers Association told its members that they could circumvent blue sky laws by making securities offerings across state lines through the mail. [10]
The Martin Act (New York General Business Law article 23-A, sections 352–353) [1] is a New York anti-fraud law, widely considered to be the most severe blue sky law in the country. [2] Passed in 1921, it grants the Attorney General of New York expansive law enforcement powers to conduct investigations of securities fraud and bring civil or ...
The law changed once more in 1991 to allow businesses to open at noon on Sunday. On March 19, 2019 the state Legislature passed a law abolishing the blue law in the state. The bill was then signed by Governor Doug Burgum on March 25, 2019. [60] The blue law expired on August 1, 2019 and the first Sunday with legal morning sales was August 4, 2019.
An example in everyday life is the blue colour sometimes seen in the smoke emitted by motorcycles, in particular two-stroke machines where the burnt engine oil provides these particles. [1] The same effect can also be observed with tobacco smoke whose fine particles also preferentially scatter blue light.