Key Points The NYAG’s decision to bring insider trading charges in People v. Kramer follows an uptick in white collar enforcement by state attorneys general at a time when such enforcement by federal agencies has trended downwards. Increased activity by state regulators may raise novel legal issues regarding the scope of blue sky laws such as the Martin Act with respect to insider trading and other forms of conduct that have traditionally been governed by regulations interpreted by the federal courts and the SEC. This trend could have significant implications for corporations, their executives and institutional investors because blue sky laws differ from state to state and are often broader than their federal counterparts.