Another use of this phrase that might amuse the HN crowd: Until 1995, state securities regulators used to have independent authority over stock offerings occur

Another use of this phrase that might amuse the HN crowd: Until 1995, state securities regulators used to have independent authority over stock offerings occurring in their state. So your company might go through the SEC registration process for its initial public offering, get the go-ahead from the SEC and then get comments from regulators in Texas or California. In 1980 the Massachusetts Secretary of State decided that a stock issue from a promising new computer company was too speculative for Commonwealth residents[1]. When Apple Computer, Inc. went public that year, Massachusetts residents where not allowed to purchase shares. Apple’s investment bankers later distributed lucite deal toys to the team that had the traditional prospectus cover stamped “BANNED IN BOSTON.” These are now quite collectible [2]. [1]: https://online.wsj.com/public/resources/documents/AppleIPODec12_1980_WSJ.pdf https://online.wsj.com/public/resources/documents/AppleIPODe... [2]: https://www.worthpoint.com/worthopedia/apple-computer-inc-ipo-tombstone-250678336 https://www.worthpoint.com/worthopedia/apple-computer-inc-ip...