U.S.C. Title 15 - COMMERCE AND TRADE 15 U.S.C. United States Code, 2023 Edition Title 15 - COMMERCE AND TRADE CHAPTER 65 - LIABILITY RISK RETENTION Sec. 3904 - Securities laws From the U.S. Government Publishing Office, www.gpo.gov

§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, §5, Sept. 25, 1981, 95 Stat. 952.)

Editorial Notes

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, 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.