42 U.S.C. § 9675 — Applicability of securities laws

(a) Ownership interests The ownership interests of members of a risk retention group^* must be considered to be— (1) exempted securities for purposes of section 77e of title 15 and for purposes of section 78 l 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 . (b) Investment Company Act A risk retention group must 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 must not be considered securities for purposes of any State^* blue sky law.