Federal · Title 42 — Public Health and Welfare
42 U.S.C. § 9675: Applicability of securities laws
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exempted securities for purposes of section 77e of title 15 and for purposes of section 78 l of title 15; and securities for purposes of the provisions of section 77q of title 15 and the provisions of section 78j of title 15 . 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.). The ownership interests of members in a risk retention group shall not be considered securities for purposes of any State blue sky law.
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