15-U.S.C.-3904
§3904 – Securities Laws
Pathway
Title 15 > Chapter 65 > Section 3904
Details
- Reference: Section 3904
- Legend: §3904 – Securities Laws
- USCode Year: 2013
Provision Content
(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.
(Pub. L. 97–45, §5, Sept. 25, 1981, 95 Stat. 952.)
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 (§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.
U.S. Encyclopedia of Law Coverage
15-U.S.C.-3806 in the Legal Encyclopedia: Trade Law
In this entry about 15-U.S.C.-3806, find legal reference material, bibliographies and premiere content related to trade law in the American Encyclopedia of Law, presenting a comprehensive view of the United States trade law-specific issues, written by authorities in the field.
12-U.S.C.-501A in the Legal Encyclopedia: Liability
In this entry about 12-U.S.C.-501A, find legal reference material, bibliographies and premiere content related to liability in the American Encyclopedia of Law, presenting a comprehensive view of the United States liability-specific issues, written by authorities in the field.
Leave a Reply