§ 3904. Securities laws
228 words·~1 min read·
/usc/title-15/section-3904A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
(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.)
Connections2 cite this · traces to 5
Cited by 2 sections
statute-compilations
5 references not yet in our index
- 15 U.S.C. 78
- Pub. L. 97–45, § 5
- 95 Stat. 952
- act Aug. 22, 1940, ch. 686
- 54 Stat. 789
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§ 3904
Securities laws
Stat. Comp.×1
Stat.×1
Cite15 U.S.C. 78
Pub. L.Pub. L. 97–45, § 5
Stat.95 Stat. 952
Actact Aug. 22, 1940, ch. 686
Stat.54 Stat. 789
Cites 10Cited by 2 across 2 sources