42 U.S.C. § 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 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 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, § 405 , as added Pub. L. 99–499, title II, § 210(a) , formerly § 210, Oct. 17, 1986 , 100 Stat. 1719 ; renumbered § 210(a), Pub. L. 99–563, § 11(c)(1) , Oct. 27, 1986 , 100 Stat. 3177 .)