15 U.S.C. § 3904

(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. 78 l ]; and (2) considered to be securities for purposes of the provisions of section 17 of the Securities Act of 1933 [ 15 U.S.C. 77q ] and the provisions of section 10 of the Securities Exchange Act of 1934 [ 15 U.S.C. 78j ]. (b) Investment companies 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) State blue sky laws The ownership interests of members in a risk retention group shall not be considered securities for purposes of any State blue sky law.