Though their name implies perfect clarity, Blue Sky Laws are notoriously unclear, especially when it comes to each state's unique set of requirements. The ambiguity plaguing Blue Sky Laws arises from a lack of authority and guidance at the state level to shed clear light on legalities. Although federal law can offer some insight, the lack of clear terms poses challenges for compliance when it comes to registration , notice filings and other requirements related to the offer and sale of securities within a certain jurisdiction. Failure to satisfy the Blue Sky requirements, which vary throughout states and U.S. territories, can result in state securities commission enforcement actions, including cease and desist orders. It can also lead to litigation for injunctive and other relief, or for refunds.
Harris Beach has developed an efficient and cost-effective method of completing blue sky surveys for law firms and underwriters involved in municipal bond financings. With a broad focus on both federal and state law, we examine securities laws and regulations in all states and territories into which securities are proposed to be sold to the public, broker dealers and financial institutions. Because keeping up with changes to blue sky laws can be burdensome, and legal analysis complex, our preparation of Blue Sky surveys can take this task off attorneys' plates, saving them both time and money. Relying on our services creates fewer demands on your resources while increasing your profitability.
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