Series 63 practice questioneasyFederal/State Coordination — Blue Sky Laws
For a mock NASAA exam, assume the administrator is testing this exact point. The key is the registration, exemption, or ethical rule doing the real work. 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.
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