Sec. 405. APPLICABILITY OF SECURITIES LAWS
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/statute-compilations/comps-886/sec-405A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
## SEC. 405 APPLICABILITY OF SECURITIES LAWS ###
(a)Ownership Interests The ownership interests of members of a risk retention group shall be considered to be— ####
(1)exempted securities for purposes of section 5 of the Securities Act of 1933 and for purposes of section 12 of the Securities Exchange Act of 1934; and ####
(2)securities for purposes of the provisions of section 17 of the Securities Act of 1933 and the provisions of section 10 of the Securities Exchange Act of 1934. ###
(b)Investment Company Act 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)Blue Sky Law The ownership interests of members in a risk retention group shall not be considered securities for purposes of any State blue sky law. **[**[42 U.S.C. 9675](/us/usc/t42/s9675)**]**
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- 15 USC 80a–1
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