{"identifier":"/us/usc/t42/s9675","title_num":"42","num":"§ 9675.","heading":"Applicability of securities laws","status":null,"guid":"id79d97459-4aa7-11eb-94f5-9ff2c44f6f3c","source_credit":"(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.)","seq_in_title":5892,"parent_identifier":"/us/usc/t42/ch103/schIV","ancestors":[{"identifier":"/us/usc/t42","level":"title","num":"Title 42—","heading":"THE PUBLIC HEALTH AND WELFARE","status":null,"is_section":false},{"identifier":"/us/usc/t42/ch103","level":"chapter","num":"CHAPTER 103—","heading":"COMPREHENSIVE ENVIRONMENTAL RESPONSE, COMPENSATION, AND LIABILITY","status":null,"is_section":false},{"identifier":"/us/usc/t42/ch103/schIV","level":"subchapter","num":"SUBCHAPTER IV—","heading":"POLLUTION INSURANCE","status":null,"is_section":false}],"xml":"<section xmlns=\"http://xml.house.gov/schemas/uslm/1.0\" xmlns:xsi=\"http://www.w3.org/2001/XMLSchema-instance\" xmlns:dc=\"http://purl.org/dc/elements/1.1/\" xmlns:dcterms=\"http://purl.org/dc/terms/\" style=\"-uslm-lc:I80\" id=\"idacbc2232-09a0-11eb-a85b-f5cef3d06f4d\" identifier=\"/us/usc/t42/s9675\"><num value=\"9675\">§ 9675.</num><heading> Applicability of securities laws</heading><subsection style=\"-uslm-lc:I19\" class=\"indent2 firstIndent-2\" id=\"idacbc2233-09a0-11eb-a85b-f5cef3d06f4d\" identifier=\"/us/usc/t42/s9675/a\"><num value=\"a\" class=\"bold\">(a)</num><heading class=\"bold\"> Ownership interests</heading><chapeau style=\"-uslm-lc:I11\" class=\"indent0\">The ownership interests of members of a risk retention group shall be considered to be—</chapeau><paragraph style=\"-uslm-lc:I12\" class=\"indent1\" id=\"idacbc2234-09a0-11eb-a85b-f5cef3d06f4d\" identifier=\"/us/usc/t42/s9675/a/1\"><num value=\"1\">(1)</num><content> exempted securities for purposes of <ref href=\"/us/usc/t15/s77e\">section 77e of title 15</ref> and for purposes of section 78<i>l</i> of title 15; and</content>\n</paragraph>\n<paragraph style=\"-uslm-lc:I12\" class=\"indent1\" id=\"idacbc2235-09a0-11eb-a85b-f5cef3d06f4d\" identifier=\"/us/usc/t42/s9675/a/2\"><num value=\"2\">(2)</num><content> securities for purposes of the provisions of <ref href=\"/us/usc/t15/s77q\">section 77q of title 15</ref> and the provisions of <ref href=\"/us/usc/t15/s78j\">section 78j of title 15</ref>.</content>\n</paragraph>\n</subsection>\n<subsection style=\"-uslm-lc:I19\" class=\"indent2 firstIndent-2\" id=\"idacbc2236-09a0-11eb-a85b-f5cef3d06f4d\" identifier=\"/us/usc/t42/s9675/b\"><num value=\"b\" class=\"bold\">(b)</num><heading class=\"bold\"> Investment Company Act</heading><content><p style=\"-uslm-lc:I11\" class=\"indent0\">A risk retention group shall not be considered to be an investment company for purposes of the Investment Company Act of 1940 (<ref href=\"/us/usc/t15/s80a–1\">15 U.S.C. 80a–1</ref> et seq.).</p>\n</content>\n</subsection>\n<subsection style=\"-uslm-lc:I19\" class=\"indent2 firstIndent-2\" id=\"idacbc2237-09a0-11eb-a85b-f5cef3d06f4d\" identifier=\"/us/usc/t42/s9675/c\"><num value=\"c\" class=\"bold\">(c)</num><heading class=\"bold\"> Blue sky law</heading><content><p style=\"-uslm-lc:I11\" class=\"indent0\">The ownership interests of members in a risk retention group shall not be considered securities for purposes of any State blue sky law.</p>\n</content>\n</subsection>\n<sourceCredit id=\"idacbc2238-09a0-11eb-a85b-f5cef3d06f4d\">(<ref href=\"/us/pl/96/510/tIV/s405\">Pub. L. 96–510, title IV, § 405</ref>, as added <ref href=\"/us/pl/99/499/tII/s210/a\">Pub. L. 99–499, title II, § 210(a)</ref>, formerly § 210, <date date=\"1986-10-17\">Oct. 17, 1986</date>, <ref href=\"/us/stat/100/1719\">100 Stat. 1719</ref>; renumbered § 210(a), <ref href=\"/us/pl/99/563/s11/c/1\">Pub. L. 99–563, § 11(c)(1)</ref>, <date date=\"1986-10-27\">Oct. 27, 1986</date>, <ref href=\"/us/stat/100/3177\">100 Stat. 3177</ref>.)</sourceCredit>\n<notes type=\"uscNote\" id=\"idacbc2239-09a0-11eb-a85b-f5cef3d06f4d\">\n<note style=\"-uslm-lc:I75\" topic=\"referencesInText\" id=\"idacbc223a-09a0-11eb-a85b-f5cef3d06f4d\">\n<heading class=\"centered smallCaps\">References in Text</heading><p style=\"-uslm-lc:I21\" class=\"indent0\">The Investment Company Act of 1940, referred to in subsec. (b), is title I of <ref href=\"/us/act/1940-08-22/ch686\">act Aug. 22, 1940, ch. 686</ref>, <ref href=\"/us/stat/54/789\">54 Stat. 789</ref>, as amended, which is classified generally to subchapter I (§ 80a–1 et seq.) of chapter 2D of Title 15, Commerce and Trade. For complete classification of this Act to the Code, see <ref href=\"/us/usc/t15/s80a–51\">section 80a–51 of Title 15</ref> and Tables.</p>\n</note>\n</notes>\n</section>","provision":null,"duplicates":[],"release":{"label":"116-252","currency_date":"2020-12-22","congress":116,"law_num":252,"excluded_laws":[],"update_num":null,"seq":222,"is_partial":false,"caveat":null,"titles_affected":["18","20","31","34","40","42"],"ingested_titles":[]},"served_from":{"label":"116-252","currency_date":"2020-12-22","congress":116,"law_num":252,"excluded_laws":[],"update_num":null,"seq":222,"is_partial":false,"caveat":null,"titles_affected":["18","20","31","34","40","42"],"ingested_titles":[]},"content_first_seen":{"label":"116-163","currency_date":"2020-10-02","congress":116,"law_num":163,"excluded_laws":[],"update_num":null,"seq":214,"is_partial":false,"caveat":null,"titles_affected":["01","02","03","06","07","08","10","15","17","18","21","22","23","26","28","31","35","36","38","40","42","45","49","50"],"ingested_titles":[]},"is_exact":true,"note":null}