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  • blue law(蓝色法规)和blue sky law(蓝天法)

    ) must still be examined to determine whether action is required to be taken in connection with a particular offering or transaction. Therefore, although covered securities are no longer subject to substantive state review, blue sky action with respect to offerings of covered securities is still necessary.

      Brokers, Dealers and Agents

      In the area of Broker-Dealer and Agent (stock broker) registration, the Blue Sky laws are equally convoluted, with each state having different requirements. Fortunately, many states have abandoned use of their own particular forms and submissions, and permit the registration filings for broker-dealers and agents to be made through the National Association of Securities Dealer's Central Registory Depository system (CRD), and utilize the examinations conducted by the NASD for testing purposes.

      However, even here, and despite the advent of the CRD (and now, Web CRD), many states insist on following their own particular regulatory procedures for registering both broker-dealer firms and their registered both broker-dealer firms and their registered employees have their own policies. For example, initial broker-dealer registrations may not be made through CRD in such states as California, Hawaii, Michigan, (others) certain states require certified or audited financials, which are not required by the NASD. Nearly every state requires a stock broker to take and pass the NASD Series 63 exam, except Colorado, Florida, Louisiana, Maryland, Ohio and Vermont.

      The myraid of state regulations continues to plague the securities industry, causing untold delays and inadvertant violations by even the most careful brokerage firm. For registered representatives, even a simple matter like changing brokerage firms can result in a loss of business, for the transfer of the registration from one broker-dealer to the next can take days or weeks.

      In an effort to reduce those delays, the TAT system was introduced in 1984, which permits a broker to transfer his registration to another firm, assuming he does not have any disciplinary record witho

    ut any delays, and gives the broker 21 days to complete the registration process for each particular state. However, even today, over 10 years later, only 20 states permit brokers to TAT their registration to a new firm, and to be immediately registered without the delays attendant in physically transfering the registration in every state.

      Conclusion

      As can be seen from even this brief overview, the State Blue Sky laws are a complicated web of regulations, from 50 different jurisdictions. Add to that mix a complex series of SEC rules and regulations, and regulations from the NASD and the various securities exchanges, and one can well imagine why the securities industry is indeed the most highly regulated industry in the country.

      Later revisions to this document will examine the effect these regulations have on the industry

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