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

(a) Ownership interestsThe 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 ActA 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 lawThe ownership interests of members in a risk retention group shall not be considered securities for purposes of any State blue sky law.