Blue Sky Memorandum

A memorandum to the Underwriter(s), typically prepared by Underwriter’s Counsel, setting forth the requirements of the state securities laws in the states where the Bonds are anticipated to be sold. This memorandum may be followed by a supplemental Blue Sky Memorandum which indicates the states where any required action has been completed so that the Bonds may be sold in such states.

Dive Deeper on State Law Matters

Learn more about the various aspects of state laws and how they intersect with municipal securities.

See Also

Blue Sky Laws

State securities laws, which regulate the offering of securities. Although these laws vary from state to state, most contain provisions concerning (a) prohibitions against fraud; (b) regulation of brokers and dealers doing business in the state; and (c) registration of Securities.

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Trust Indenture Act of 1939

A federal statute setting out the requirements for trust indentures in connection with publicly traded corporate securities.