New York, NY securities attorney Jenice L. Malecki talks about how Blue Sky Laws vary from state to state. She points out that Blue Sky laws vary significantly, particularly in terms of civil penalties, and in some cases, they grant both civil and criminal regulatory authority. Each state has its own Securities Division responsible for enforcing its Blue Sky laws. An individual or firm could be investigated under state Blue Sky laws simultaneously with investigations by FINRA and the SEC—this is uncommon but can occur in high-stakes or significant cases. Additionally, some states may “piggyback” on actions taken in other states, seeking to prohibit wrongdoing parties from operating within their jurisdiction. Overall, the penalties and enforcement procedures under Blue Sky laws differ widely from state to state.