42 U.S.C. § 9675 : US Code - Section 9675: Applicability of securities laws

Search 42 U.S.C. § 9675 : US Code - Section 9675: Applicability of securities laws

(a) Ownership interests
The ownership interests of members of a risk retention group
shall be considered to be -
(1) exempted securities for purposes of section 77e of title 15
and for purposes of section 78l of title 15; and
(2) securities for purposes of the provisions of section 77q of
title 15 and the provisions of section 78j of title 15.
(b) Investment Company Act
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) 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.