Title 42, The Public Health and WelfareRelease 119-110
§9675 Applicability of Securities Laws
Title 42 › CHAPTER 103 — COMPREHENSIVE ENVIRONMENTAL RESPONSE, COMPENSATION, AND LIABILITY › SUBCHAPTER IV — POLLUTION INSURANCE › § 9675
Summary
Member ownership interests in a risk retention group are treated as exempted securities under 15 U.S.C. 77e and 78l, and are treated as securities for the purposes of 15 U.S.C. 77q and 78j. A risk retention group is not an investment company under the Investment Company Act of 1940 (15 U.S.C. 80a–1 et seq.), and those ownership interests are not considered securities under any State blue sky law.
Full Legal Text
Title 42, §9675
The Public Health and Welfare, Source: USLM XML via OLRC
(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 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 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.
Legislative History
Notes & Related Subsidiaries
Editorial Notes
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, 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 section 80a–51 of Title 15 and Tables.
Reference
Citations & Metadata
Citation
42 U.S.C. § 9675
Title 42, The Public Health and Welfare
Last Updated
Sep 22, 2026
Release point: 119-110