42 U.S.C. § 9675
Section 9675 · Applicability of securities laws
This is § 405 of the Comprehensive Environmental Response, Compensation, and Liability Act of 1980
Amended 2 times on record
The ownership interests of members of a risk retention group shall be considered to be—
(1) exempted securities for purposes of section 77e of title 15 and for purposes of section 78l of title 15; and
(2) securities for purposes of the provisions of section 77q of title 15 and the provisions of section 78j of title 15.
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.).
The ownership interests of members in a risk retention group shall not be considered securities for purposes of any State blue sky law.
Editorial notes U.S. Code · Office of the Law Revision Counsel
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 (§80a–1 et seq.) of chapter 2D of Title 15, Commerce and Trade. For complete classification of this Act to the Code, see section 80a–51 of Title 15 and Tables.