other national newspapers) frequently reported on the blue sky laws as various states began to enact them between 1911 and 1916. The newspapers expressly used the term blue sky to describe such laws. See also National Instrument 43-101, Canadian standards of disclosure for mineral properties, intended to help protect investors from fraudulent representation. Penny stock Securities market participants (United States) Securities regulation in the United States Notes References List of State Securities Administrators State law in the United States United States securities law