Authoritative intelligence on Regulation D, blue sky, and the regulatory perimeter of private placements
New York regulates private placements through a structurally different lens than any other major issuer state. Where California operates under the Corporate Securities Law of 1968 and the Department of Financial Protection and Innovation, New York’s framework is the Martin Act—General Business Law Article 23-A—administered by the Investor Protection Bureau within the Office of the Attorney General. The statute regulates dealers (including issuers acting as dealers), not offerings, and that distinction has shaped both notice filing practice under 13 NYCRR Part 10 and the enforcement posture that produced multiple high-profile actions during the April 2026 coverage period.
