Numerous abuses within the securities industry have created a greater need for oversight. The Great Depression of 1929 happened in part because equity in companies was being sold without proper disclosure of the potential risks. The result was a dramatically overvalued stock market and the subsequent creation of securities laws. In fact, to secure a license to sell securities in most states, you must take an exam called the “Blue Sky Exam,” or the series 63. The name is a reference to people selling “pieces of the sky” to ordinary people back in the 1920’s. Below are the major pieces of legislation produced since the 1929 crash to protect investors.