15 U.S.C. § 3904 — Securities laws

FEDERAL · 15 U.S.C. · Chapter 65

Securities laws

Current through Pub. L. 119-102

Title 15 — Commerce and Trade·Ch. 65 — LIABILITY RISK RETENTION

(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 retenti

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(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.

15 U.S.C. § 3904 (Securities laws) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.

Source Credit

History

(Pub. L. 97–45, §5, Sept. 25, 1981, 95 Stat. 952.)

Editorial Notes

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.

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Source Credit

History

Editorial Notes