Title 15 — Commerce and Trade
Chapter 65 — Liability Risk Retention
§ 3904. Securities laws
Statutory text
Ownership interest of members in risk retention groups
The ownership interests of members in a risk retention group shall be—
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
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].
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.).
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.
Legislative history
Reconstructed from this section’s Code source credit and amendment notes, resolved against the local Statutes at Large. Editorial notes are evidence, not the law that made the change.
Product Liability Risk Retention Act of 1981
Pub. L. 97–45 § 5 · 95 Stat. 949
Enacted · 15 U.S.C. § 3904
(Pub. L. 97–45, § 5, Sept. 25, 1981, 95 Stat. 952.)
Source evidence
Code source credit
(Pub. L. 97–45, § 5, Sept. 25, 1981, 95 Stat. 952.)Enacted provision · exact public law section
Sec. 5. (a) The ownership interests of members in a risk retention group shall be— (1) considered to be exempted securities for purposes of section 15 USC 77e. 15 USC 78l. 5 of the Securities Act of 1933 and for purposes of section 12 of the Securities Exchange Act of 1934; and (2) considered to be securities for purposes of the provisions of 15 USC 77q. 15 USC 78j. section 17 of the Securities Act of 1933 and the provisions of section 10 of the Securities Exchange Act of 1934. (b) 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) The ownership interests of members in a risk retention group shall not be considered securities for purposes of any State blue sky law.
1 of 1 references resolved to an enrolled provision
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.