15 U.S.C. § 3904

Current through P.L. 118-106 (published on www.congress.gov on 10/04/2024)

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.

15 U.S.C. § 3904

Pub. L. 97-45, §5, Sept. 25, 1981, 95 Stat. 952.

EDITORIAL NOTES

REFERENCES IN TEXTThe Investment Company Act of 1940, referred to in subsec. (b), is title I of act Aug. 22, 1940, ch. 686, 54 Stat. 789, which is classified generally to subchapter I (§80a-1 et seq.) of chapter 2D of this title. For complete classification of this Act to the Code, see section 80a-51 of this title and Tables.

State

"State" means any State of the United States or the District of Columbia; and