Ownership interest of members in risk retention groups
The ownership interests of members in a risk retention group shall be—
15 U.S.C. 77e15 U.S.C. 78l considered to be exempted securities for purposes of section 5 of the Securities Act of 1933 [] and for purposes of section 12 of the Securities Exchange Act of 1934 []; and
15 U.S.C. 77q15 U.S.C. 78j considered to be securities for purposes of the provisions of section 17 of the Securities Act of 1933 [] and the provisions of section 10 of the Securities Exchange Act of 1934 [].
Investment companies
15 U.S.C. 80a–1A risk retention group shall not be considered to be an investment company for purposes of the Investment Company Act of 1940 ( et seq.).
State blue sky laws
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. 97–45, § 595 Stat. 952 (, , .)
Editorial Notes
References in Text
act Aug. 22, 1940, ch. 686 54 Stat. 789 section 80a–51 of this titleThe Investment Company Act of 1940, referred to in subsec. (b), is title I of , , which is classified generally to subchapter I (§ 80a–1 et seq.) of chapter 2D of this title. For complete classification of this Act to the Code, see and Tables.