42 USC § 9675 - Applicability of securities laws

---
identifier: "/us/usc/t42/s9675"
source: "usc"
legal_status: "official_prima_facie"
title: "42 USC § 9675 - Applicability of securities laws"
title_number: 42
title_name: "THE PUBLIC HEALTH AND WELFARE"
section_number: "9675"
section_name: "Applicability of securities laws"
chapter_number: 103
chapter_name: "COMPREHENSIVE ENVIRONMENTAL RESPONSE, COMPENSATION, AND LIABILITY"
subchapter_number: "IV"
subchapter_name: "POLLUTION INSURANCE"
positive_law: false
currency: "119-84"
last_updated: "2026-04-17"
format_version: "1.1.0"
generator: "[email protected]"
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.)"
---


# § 9675. Applicability of securities laws

**(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 78*l* 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** 15 U.S.C. 80a–1

A risk retention group shall not be considered to be an investment company for purposes of the Investment Company Act of 1940 ( 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.

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**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.)

## Editorial Notes

### References in Text

The Investment Company Act of 1940, referred to in subsec. (b), is title I of , , 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  and Tables.