Blue Sky Laws are: More important to secondary markets than the Securities and Exchange Act of 1934 Federal laws designed to make the stock markets work more smoothly or Designed to protect investors from stock sellers promising to make it "rain" money Designed to protect banks from business fraud QUESTION 39 Which of the following is an exempt transaction under the 1934 Act? A $4,900,000 offering with all investors who make no more than $100,000 annually A $5,100,000 offering with all investors who make more than $300,000 annually Each one is exempt A $4,900,000 offering with all investors who make no more than $150,000 annually QUESTION 40 Which is usually the first form of discovery in a civil trial? Admissions Pretrial Conferences Interrogatories Depositions