15 U.S. Code § 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
(b) Investment companies
Source(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.