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. 68654 Stat. 789section 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.