Series 63 practice questioneasyFederal/State Coordination — Blue Sky Laws
For a mock NASAA exam, assume the administrator is testing this exact point. Treat the facts as a straight Series 63 application question. State securities laws are commonly referred to as:
- ASunshine laws
- BBlue sky laws✓ Correct answer
- CFair weather regulations
- DClear skies acts
Explanation
Why B — Blue sky laws
State securities laws are commonly known as 'blue sky laws,' a term that originated from the desire to protect investors from speculative schemes that had 'no more basis than so many feet of blue sky.' The Uniform Securities Act is a model blue sky law that many states have adopted in whole or in part. State-law analysis leads to the same conclusion despite the alternate scenario.
Turn it into reps
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