\Blue"-sky"law`\
A law enacted to provide for the regulation and supervision
of investment companies in order to protect the public
against companies that do not intend to do a fair and honest
business and that offer investments that do not promise a
fair return; -- so called because the promises made by some
investment companies are as boundless or alluring as the blue
sky, or, perhaps, because designed to clear away the clouds
and fogs from the simple investor's horizon. [Colloq.]