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Blue Sky Compliance

Securities Lawyers

A company must ensure compliance with federal regulations and state law in making a public offering or in maintaining an orderly trading market. Each state has its own securities laws regulating the offering and sale of securities, known as “blue sky” laws. Each state has its own regulatory agency to administer these laws as well as provide investors with private causes of action for securities fraud.

Although blue sky laws are usually modeled after federal law, every state has its differences and interprets the law differently. For this reason, it is particularly important to pay attention to the nuances of state securities law. Fortunately, the securities law attorneys at Pearson Butler have decades of experience helping clients comply with both state and federal requirements in making their offerings.

For knowledgeable insight and experienced counsel regarding blue sky compliance, call (800) 265-2314 and arrange a confidential consultation with a securities lawyer at Pearson Butler.

Utah’s Blue Sky Law: The Uniform Securities Act

In Utah, the Uniform Securities Act regulates the offering and sale of securities in the state. These serve as an additional regulatory layer to federal securities laws and require the registering of offerings before they can be sold in Utah.

Utah Uniform Securities Act § 61-1-14provides numerous exemptions from securities registration, divided into two groups:

  • Exemptions for securities themselves based on the type of security being offered/sold; and
  • Exemptions for specific types of transactions regardless of the type of security offered/sold.

Some exemptions are self-executing, meaning no filing is required, but others require a filing with the Utah Division of Securities to claim an exemption. It is important to have your lawyer review your unique situation to determine which exemptions apply.

Other Securities Law Services Available

Pearson Butler assists clients in blue sky compliance as well as the following areas of securities law:

  • Business transactions and contracts
  • Corporate governance
  • DTC eligibility
  • Mergers and acquisitions
  • Over-the-counter markets compliance
  • Private placement
  • Public offerings
  • Reverse mergers
  • Rule 144 opinion letters
  • SEC reporting and compliance

For more information about blue sky compliance in Utah, contact Pearson Butler online or by calling (800) 265-2314.

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