§ 3904. — Securities laws.
[Laws in effect as of January 24, 2002]
[Document not affected by Public Laws enacted between
January 24, 2002 and December 19, 2002]
[CITE: 15USC3904]
TITLE 15--COMMERCE AND TRADE
CHAPTER 65--LIABILITY RISK RETENTION
Sec. 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.
(Pub. L. 97-45, Sec. 5, Sept. 25, 1981, 95 Stat. 952.)
References in Text
The Investment Company Act of 1940, referred to in subsec. (b), is
title I of act Aug. 22, 1940, ch. 686, 54 Stat. 789, as amended, which
is classified generally to subchapter I (Sec. 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.
