蓝天法案由美国各州政府负责实施。该类法案用于规范一个区域内的证券交易，以及股票经纪人和投资顾问的注册。美国的每个州都有自己的证券监管机构。这些机构有各种名称，例如，加利福尼亚称之为企业管理部（departmentofcorporations），而德克萨斯则为州证券理事会（statesecuritiesboard）。


blueskylaws蓝天法
　　指美国各州对投资公司、经营公司的债券买卖进行监督和保护投资者免遭欺诈的《公司证券欺诈防治法》之俗称。
　　来源：
　　introduction
　　whilethesec（scuritiesandexchangecommission：证券交易委员会）directly，andthroughitsoversightofthenasd（美国证券交易商协会）andthevariousexchanges，isthemainenforcerofthenation'ssecuritieslaws，eachindividualstatehasitsownsecuritieslawsandrules.thesestaterulesareknownas"blueskylaws".
　　theoriginofthetermisabitunclear，butthefirstuseofthetermthatweareawareofisinanopinionofjusticemckennaoftheunitedstatessupremecourt，in1917.justicemckennawrotethecourt'sopinioninhallvs.geiger-jonesco.，242u.s.539（1917），whichwasthreecases，alldealingwiththeconstitutionalityofstatesecuritiesregulations.justicemckennawrote
　　thenamethatisgiventothelawindicatestheevilatwhichitisaimed，thatis，tousethelanguageofacitedcase，"speculativeschemeswhichhavenomorebasisthansomanyfeetof'bluesky'"；or，asstatedbycounselinanothercase，"tostopthesaleofstockinfly-by-nightconcerns，visionaryoilwells，distantgoldminesandotherlikefraudulentexploitations."evenifthedescriptionsberegardedasrhetorical（带修辞色彩的），theexistenceofevilisindicated，andabeliefofitsdetriment；andweshallnotpausetodomorethanstatethatthepreventionofdeceptioniswithinthecompetencyofgovernmentandthattheappreciationoftheconsequencesofitisnotopenforourreview.
　　unfortunately，justicemckennanevergaveareferencetothe"citedcase"thathereferredto，andthehallcaseshavebecomeknownastheblueskycases，andjusticemckennaastheauthorofthephrase.
　　whiletheselawsvaryfromstatetostate，thelawsrequireregistrationofsecuritiesofferings，andregistrationofbrokersandbrokeragefirms.eachstatehasaregulatoryagencywhichadministersthelaw，typicallyknownasthestatesecuritiescommissioner.alistofstatesecuritiescommissioners，andtheiraddresses，isavailableinourguidetostatesecuritiesregulators.
　　whileanti-fraudregulationsaremostcommonlyenforcedbythesecandthevarioussros，thestatesalsohavethepowerandauthoritytobringactionsagainstsecuritiesviolatorspursuanttostatelaw.eachstatehasitsownsecuritiesact，knowncolloquiallyasthe"blueskylaw"，whichregulatesboththeofferandsaleofsecuritiesaswellastheregistrationandreportingrequirementsforbroker-dealersandindividualstockbrokersdoingbusiness（bothdirectlyandindirectly）inthestate，aswellasinvestmentadvisersseekingtooffertheirinvestmentadvisoryservicesinthestate.
　　recently，federallegislationwasenactedwhichlimitedtheabilityofthestatestoreview，limitorotherwiserestrictthesaleofmostsecurities.thelegislationwasdesignedtoeliminatetheduplicitativenatureofthefederalandstatesecuritieslaws.today，inmostinstances，thestatesauthoritytoreviewregistrationofsecuritiesofferingsthatareofferedonanationalbasishavebeenseverelyrestricted.however，therearenoticeandfilingrequirementsineachstate，whichmuststillbecompliedwith.additionally，thelegislationdidnotaffecttheabilityofthestateregulatorstoconductinvestigationsandtobringfraudactions.
　　registrationofsecuritiestransactions
　　itisimportanttokeepinmindthatbeforeasecurityissoldinastate，theremustbearegistrationinplacetocoverthetransaction，and，thebrokeragefirm，andthestockbroker，musteachberegisteredinthestate，orotherwiseexemptfromtheregistrationrequirements.
　　withfewexceptions，everyofferorsaleofasecuritymust，beforeitisofferedorsoldinastate，beregisteredorexemptfromregistrationunderthesecurities，orblueskylaws，ofthestate（s）inwhichthesecurityisofferedandsold.similarly，everybrokeragefirm，everyissuersellingitsownsecuritiesandanindividualbrokerorissuerrepresentative（i.e.，finder）engagedinsellingsecuritiesinastate，mustalsoberegisteredinthestate，orotherwiseexemptfromsuchregistrationrequirements.moststatessecuritieslawsaremodeledaftertheuniformsecuritiesactof1956（"usa"）。todate，approximately40statesusetheusaasthebasisfortheirstateblueskylaws.
　　however，althoughmostblueskylawsaremodeledaftertheusa，blueskystatutesvarywidelyandthereisverylittleuniformityamongstatesecuritieslaws.therefore，itisvitalthateachstate'sstatutesandregulationsbereviewedbeforeembarkinguponanysecuritiessalesactivitiesinastatetodeterminewhatispermitted，ornotpermitted，inaparticularstate.tomakemattersmorecomplicated，whilesomestatesmayhaveidenticalstatutorylanguageorregulationscoveringparticularactivitiesorconduct，theirinterpretationmaydifferdramaticallyfromstatetostate.however，statesecuritiescommissionstaffareavailabletoassistinansweringquestionsregardingparticularstatutoryprovisionsorregulations.
　　fortunately，manytypesofsecurities，andmanytransactionsinsecurities，areexemptfromstatesecuritiesregistrationrequirements.forexample，manystatesprovidefortransactionalexemptionsforregulationdprivateofferings，providedthereisfullcompliancewithsecrules501-503.however，throughcertaintypesofofferingsortransactionsmaynotrequireregistration，manystatesrequirefilingsorplaceadditionalconditionsonexemptionsavailableformanydifferentofferingsforwhichexemptionsareavailable.thebestadvice，then，isbeforeofferinganysecurityforsaleinanystate，experiencedblueskycounselshouldberetainedtoreviewtheapplicablestateblueskylawsandtakeanyactionnecessarytopermittheofferingtobemadeintheparticularstate.
　　thenationalsecuritiesmarketsimprovementactof1996（"nsmia"）wasenactedinoctober，1996inresponsetothestates'failuretouniformlyregulatecertaintypesofnationalsecuritiesofferings.amongotherchanges，nsmiaamendedsection18ofthesecuritiesactof1933，asamended（the"act"），therebycreatingaclassofsecurities-referredtoas"coveredsecurities"-theofferandsaleofwhich（throughlicensedbroker-dealers）arenolongersubjecttostatesecuritieslawregistrationrequirements.coveredsecuritiesinclude：securitieslisted（orapprovedforlisting）onthenyse，amexandthenasdaq/nationalmarket，andsecuritiesofthesameissuerwhichareequalinrankorseniortosuchlistedsecurities；mutualfundshares；securitiessoldtocertainqualifiedpurchasers（asyetnotdefinedbythesec）；certainsecuritiesexemptundersection3（a）oftheact（includinggovernmentormunicipalsecurities，banksecuritiesandcommercialpaper）；andsecuritiesexemptfromregistrationundertheactifsoldintransactionscomplyingwithrule506ofregulationdundertheact.althoughnsmiapreemptsstatesecuritiesregistrationrequirements，nsmiapreservestherightofthestatestoinvestigateandprosecutefraud.
　　asaresultofnsmia，statesmaynolongerrequiretheregistrationofcoveredsecurities；however，statesmay，aspermittedundernsmia，requirefilingsandthepaymentoffeesforoffersandsalesintheirstateofcoveredsecuritiesotherthanthosewhicharelisted（orapprovedforlisting）onthedesignatedexchangesorsecuritiesseniortosuchsecurities（i.e.；preferredsharesordebtsecuritiesofanissuerwithcommonstocklistedonthedesignatedexchanges）。additionally，sincensmiaonlypreemptsstatesecuritiesregistrationrequirements，broker-dealerandagent/salespersonregistrationrequirements（applicabletoindividualsengagedintheofferandsaleofcoveredsecurities）muststillbeexaminedtodeterminewhetheractionisrequiredtobetakeninconnectionwithaparticularofferingortransaction.therefore，althoughcoveredsecuritiesarenolongersubjecttosubstantivestatereview，blueskyactionwithrespecttoofferingsofcoveredsecuritiesisstillnecessary.
　　brokers，dealersandagents
　　intheareaofbroker-dealerandagent（stockbroker）registration，theblueskylawsareequallyconvoluted，witheachstatehavingdifferentrequirements.fortunately，manystateshaveabandoneduseoftheirownparticularformsandsubmissions，andpermittheregistrationfilingsforbroker-dealersandagentstobemadethroughthenationalassociationofsecuritiesdealer'scentralregistorydepositorysystem（crd），andutilizetheexaminationsconductedbythenasdfortestingpurposes.
　　however，evenhere，anddespitetheadventofthecrd（andnow，webcrd），manystatesinsistonfollowingtheirownparticularregulatoryproceduresforregisteringbothbroker-dealerfirmsandtheirregisteredbothbroker-dealerfirmsandtheirregisteredemployeeshavetheirownpolicies.forexample，initialbroker-dealerregistrationsmaynotbemadethroughcrdinsuchstatesascalifornia，hawaii，michigan，（others）certainstatesrequirecertifiedorauditedfinancials，whicharenotrequiredbythenasd.nearlyeverystaterequiresastockbrokertotakeandpassthenasdseries63exam，exceptcolorado，florida，louisiana，maryland，ohioandvermont.
　　themyraidofstateregulationscontinuestoplaguethesecuritiesindustry，causinguntolddelaysandinadvertantviolationsbyeventhemostcarefulbrokeragefirm.forregisteredrepresentatives，evenasimplematterlikechangingbrokeragefirmscanresultinalossofbusiness，forthetransferoftheregistrationfromonebroker-dealertothenextcantakedaysorweeks.
　　inanefforttoreducethosedelays，thetatsystemwasintroducedin1984，whichpermitsabrokertotransferhisregistrationtoanotherfirm，assuminghedoesnothaveanydisciplinaryrecordwithoutanydelays，andgivesthebroker21daystocompletetheregistrationprocessforeachparticularstate.however，eventoday，over10yearslater，only20statespermitbrokerstotattheirregistrationtoanewfirm，andtobeimmediatelyregisteredwithoutthedelaysattendantinphysicallytransferingtheregistrationineverystate.
　　conclusion
　　ascanbeseenfromeventhisbriefoverview，thestateblueskylawsareacomplicatedwebofregulations，from50differentjurisdictions.addtothatmixacomplexseriesofsecrulesandregulations，andregulationsfromthenasdandthevarioussecuritiesexchanges，andonecanwellimaginewhythesecuritiesindustryisindeedthemosthighlyregulatedindustryinthecountry.
　　laterrevisionstothisdocumentwillexaminetheeffecttheseregulationshaveontheindustry.