15 USC 3904 - Securities laws

U.S Code last checked for updates: Nov 22, 2024

§ 3904.

Securities laws

(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

(c)

State blue sky laws

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

cite as: 15 USC 3904