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Series 63 practice questioneasyFederal/State Coordination — Blue Sky Laws

For a mock NASAA exam, assume the administrator is testing this exact point. Assume all filings and notices are evaluated under the USA. State securities laws are commonly referred to as:

  1. ASunshine laws
  2. BBlue sky laws✓ Correct answer
  3. CFair weather regulations
  4. 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. This version tests the same concept with a different fact pattern wrapper.

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