
From the U.S. Code Online via GPO Access
[wais.access.gpo.gov]
[Laws in effect as of January 23, 2000]
[Document not affected by Public Laws enacted between
  January 23, 2000 and December 4, 2001]
[CITE: 42USC9675]

 
                 TITLE 42--THE PUBLIC HEALTH AND WELFARE
 
  CHAPTER 103--COMPREHENSIVE ENVIRONMENTAL RESPONSE, COMPENSATION, AND 
                                LIABILITY
 
                   SUBCHAPTER IV--POLLUTION INSURANCE
 
Sec. 9675. Applicability of securities laws


(a) Ownership interests

    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.

(b) Investment Company Act

    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) Blue sky law

    The ownership interests of members in a risk retention group shall 
not be considered securities for purposes of any State blue sky law.

(Pub. L. 96-510, title IV, Sec. 405, as added Pub. L. 99-499, title II, 
Sec. 210(a), formerly Sec. 210, Oct. 17, 1986, 100 Stat. 1719; 
renumbered Sec. 210(a), Pub. L. 99-563, Sec. 11(c)(1), Oct. 27, 1986, 
100 Stat. 3177.)

                       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 (Sec. 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.
