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(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.A. 77e] and for purposes of section 12 of the Securities Exchange Act of 1934 [15 U.S.C.A. 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.A. 77q] and the provisions of section 10 of the Securities Exchange Act of 1934 [11 U.S.C.A. 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.
Cite this article: FindLaw.com - 15 U.S.C. § 3904 - U.S. Code - Unannotated Title 15. Commerce and Trade § 3904. Securities laws - last updated January 01, 2018 | https://codes.findlaw.com/us/title-15-commerce-and-trade/15-usc-sect-3904/
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