“Blue Sky Laws” are state laws that regulate the offering and sale of securities to protect the public from fraud.

“Blue Sky Laws” are state laws that regulate the offering and sale of securities to protect the public from fraud.

I have been working as a Blue Sky paralegal for more than 10 years. In this role, I am responsible for reviewing the offering memorandum and serving as a liaison with clients’ in-house counsel to gather the information needed to complete the appropriate forms. After completing the forms, I coordinate the signature pages and have them signed by the authorized signatory. I then prepare the cover letters to the states and the SEC, including an executed copy of the necessary forms together with a check to cover the filing fee.

I greatly enjoy the constant contact I have with attorneys and clients, and I also enjoy building relationships with the states regulators. While it is sometimes difficult to track down clients to get the information needed for the forms, I have found that creating a calendar and sending a reminder memo to my clients on a monthly basis has expedited the process.

My advice to any paralegals who may be considering pursuing Blue Sky as their area of expertise is to get as much training as they can in researching states laws, rules and exemptions. In addition, during the filing process, I’d recommend creating a file for each fund and maintaining a status chart to keep the work organized. Attention to detail, strong organization, and verbal and written communication skills are very important in this line of work.
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