New York, NY securities attorney Jenice L. Malecki talks about Blue Sky laws and their purpose. She explains that state securities laws function as the state-level equivalents of the Securities Exchange Act and the Investment Advisers Act, often mirroring a Uniform State Securities Act. However, each state tailors its laws to protect its residents as it sees fit. State securities divisions enforce these laws through both civil and criminal actions. Most states also provide private rights of action, allowing investors to bring their own cases under state securities laws. Some states include robust damage provisions, though notable exceptions exist—such as New York’s Martin Act, which does not provide a private right of action, making it an outlier.