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Blue Sky

The first modern state blue sky law was adopted in 1911 in Kansas. The term "blue sky" referred to speculative schemes that, in the words of a judge of the period, had no more substance than so many feet of "blue sky." The Kansas law served as the nationwide model for state regulation of securities offerings and the licensing of broker dealers and their agents.  For more information, see Introduction to the Blue Sky Laws, brought to you by the Securities Exchange Commission.

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