42 U.S.C. § 9675 — Applicability of securities laws

(a) Ownership interests The ownership interests of members of a risk retention group shall be considered to be— (1) exempted securities for purposes of section 77e of title 15 and for purposes of section 78l of title 15; and (2) securities for purposes of the provisions of section 77q of title 15 and the provisions of section 78j of title 15 . (b) Investment Company Act A risk retention group shall not be considered to be an investment company for purposes of the Investment Company Act of 1940 ( 15 U.S.C. 80a–1 et seq.). (c) Blue sky law The ownership interests of members in a risk retention group shall not be considered securities for purposes of any State blue sky law. ( Pub. L. 96–510, title IV, § 405 , as added Pub. L. 99–499, title II, § 210(a) , formerly § 210, Oct. 17, 1986 , 100 Stat. 1719 ; renumbered § 210(a), Pub. L. 99–563, § 11(c)(1) , Oct. 27, 1986 , 100 Stat. 3177 .) Editorial Notes References in Text The Investment Company Act of 1940 , referred to in subsec. (b), is title I of act Aug. 22, 1940, ch. 686, 54 Stat. 789 , which is classified generally to subchapter I (§ 80a–1 et seq.) of chapter 2D of Title 15, Commerce and Trade. For complete classification of this Act to the Code, see section 80a–51 of Title 15 and Tables. CFR Title Parts 40 3

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