In October 2024, Florida amended its blue sky law so that the “bad actor” disqualification provisions of Rule 506(d) under the Securities Act of 1933 also would apply to, among other exempt transactions, offerings to Florida institutional investors under Section 517.061(9) of the Florida Securities and Investor Protection Act.  This amendment caused the securities industry

Recent years have seen significant growth in Securities Act of 1933 (“1933 Act”) class actions filed in California state courts, based on conflicting readings of the jurisdictional provisions of the Securities Litigation Uniform Standards Act (“SLUSA”).  SLUSA was designed, among other things, to prevent certain state private securities class action lawsuits alleging fraud from being