As companies begin to look to Alternative Trading Systems to provide liquidity for investors, compliance with State Blue Sky laws is becoming a must. "While Federal laws govern the primary issuance of and exemption from registration of securities, state laws maintain jurisdiction over soliciting investors in their states for secondary transfer," says Sherwood Neiss, CEO of GUARDD. "There are very limited ways by which securities can be transferred without time consuming, costly, bureaucratic state by state registration.