15 U.S.C. § 3904 - U.S. Code - Unannotated Title 15. Commerce and Trade § 3904. Securities laws
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Ownership interest of members in risk retention groups
The ownership interests of members in a risk retention group shall be--
considered to be exempted securities for purposes of section 5 of the Securities Act of 1933 [15 U.S.C.A. 77e] and for purposes of section 12 of the Securities Exchange Act of 1934 [15 U.S.C.A. 78l]; and
considered to be securities for purposes of the provisions of section 17 of the Securities Act of 1933 [15 U.S.C.A. 77q] and the provisions of section 10 of the Securities Exchange Act of 1934 [11 U.S.C.A. 78j].
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.).
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.
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