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)

section 77e of title 15l exempted securities for purposes of and for purposes of section 78 of title 15; and

(2)

section 77q of title 15 section 78j of title 15 securities for purposes of the provisions of and the provisions of .

(b)

Investment Company Act

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.).

(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 Pub. L. 99–499, title II, § 210(a)Oct. 17, 1986100 Stat. 1719 Pub. L. 99–563, § 11(c)(1)Oct. 27, 1986100 Stat. 3177 (, as added , formerly § 210, , ; renumbered § 210(a), , , .)

Editorial Notes

References in Text

act Aug. 22, 1940, ch. 686 54 Stat. 789 section 80a–51 of Title 15The 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 Title 15, Commerce and Trade. For complete classification of this Act to the Code, see and Tables.