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No Blue Sky For Almost A Half Century

"Nothing but blue skies do I see"

Kansas claims the pride of place in with its enactment in 1911 of the country's first general securities law.  Kan. L. 1911, ch. 133.  Kansas Bank Commissioner J.N. Dolley, the author of that law, is also given credit for the name appended to it and subsequent state securities laws - "Blue Sky Laws".  See Rick A. Fleming, 100 Years of Securities Law: Examining a Foundation Laid in the Kansas Blue Sky, 50 Wash. L. Rev. 583 (2011).  

It may be a surprise to many that Nevada had enacted a securities law two years before Kansas.  Nev. Stat. 1909, ch. 56.  The law imposed disclosure and filing requirements.  The application of this law, however, was limited to mining companies.  At the time, Nevada was experiencing a mining boom centered in Tonopah and Goldfield. 

What came next is even more surprising.  In 1915, the Nevada legislature repealed the law.  Nev. Stat. 1915, ch. 49.  It was not until 1963 that Nevada enacted the Uniform Securities Act.  Nev.  Stat. 1963, ch. 318.  Nevada's current law, a version of the Uniform Securities Act, can be found in Chapter 90 of Nevada Revised Statutes.

IMG_1436

The headframe of the Desert Queen mine in Tonopah, Nevada.
This headframe was used from 1901 to 1929

© 2010-2023 Allen Matkins Leck Gamble Mallory & Natsis LLP National Law Review, Volume X, Number 70
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About this Author

Keith Paul Bishop, Corporate Transactions Lawyer, finance securities attorney, Allen Matkins Law Firm
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Keith Bishop works with privately held and publicly traded companies on federal and state corporate and securities transactions, compliance, and governance matters. He is highly-regarded for his in-depth knowledge of the distinctive corporate and regulatory requirements faced by corporations in the state of California.

While many law firms have a great deal of expertise in federal or Delaware corporate law, Keith’s specific focus on California corporate and securities law is uncommon. A former California state regulator of securities and financial institutions, Keith has decades of...

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