15 U.S.C. § 3904 : US Code - Section 3904: Securities laws

Search 15 U.S.C. § 3904 : US Code - Section 3904: Securities laws

    (a) Ownership interest of members in risk retention groups
      The ownership interests of members in a risk retention group
    shall be - 
        (1) considered to be exempted securities for purposes of
      section 5 of the Securities Act of 1933 [15 U.S.C. 77e] and for
      purposes of section 12 of the Securities Exchange Act of 1934 [15
      U.S.C. 78l]; and
        (2) considered to be securities for purposes of the provisions
      of section 17 of the Securities Act of 1933 [15 U.S.C. 77q] and
      the provisions of section 10 of the Securities Exchange Act of
      1934 [15 U.S.C. 78j].
    (b) Investment companies
      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) 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.