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.