US Laws, Codes, Statutes & Cases

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[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.