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42 U.S.C. § 9675 — Applicability of securities laws

Federal law — U.S. Code and appendices · legal_authorities

42 U.S.C. § 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](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title15-section77e&num=0&edition=prelim) and for purposes of section 78l of title 15; and (2) securities for purposes of the provisions of [section 77q of title 15](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title15-section77q&num=0&edition=prelim) and the provisions of [section 78j of title 15](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title15-section78j&num=0&edition=prelim). **(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](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title15-section80a–1&num=0&edition=prelim) 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 location: Title 42, Chapter 103, § 9675; chapter-103-comprehensive-environmental-response-compensation-and-liability.md

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Federal law — U.S. Code and appendices · legal_authorities

15 U.S.C. § 77q — Fraudulent interstate transactions

**(a) Use of interstate commerce for purpose of fraud or deceit** It shall be unlawful for any person in the offer or sale of any securities (including security-based swaps) or any security-based swap agreement (as defined in section 78c(a)(78) 11 See References in Text note below. of this title) by the use of any means or instruments of transportation or communication in interstate commerce or by use of the mails, directly or indirectly— (1) to employ any device, scheme, or artifice to defraud, or (2) to obtain money or property by means of any untrue statement of a material fact or any omission to state a material fact necessary in order to make the statements made, in light of the circumstances under which they were made, not misleading; or (3) to engage in any transaction, practice, or course of business which operates or would operate as a fraud or deceit upon the purchaser. **(b) Use of interstate commerce for purpose of offering for sale** It shall be unlawful for any person, by the use of any means or instruments of transportation or communication in interstate commerce or by the use of the mails, to publish, give publicity to, or circulate any notice, circular, advertisement, newspaper, article, letter, investment service, or communication which, though not purporting to offer a security for sale, describes such security for a consideration received or to be received, directly or indirectly, from an issuer, underwriter, or dealer, without fully disclosing the receipt, whether past or prospective, of such consideration and the amount thereof. **(c) Exemptions of section 77c not applicable to this section** The exemptions provided in [section 77c of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title15-section77c&num=0&edition=prel

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Federal law — U.S. Code and appendices · legal_authorities

15 U.S.C. § 80a–1 — Findings and declaration of policy

**(a) Findings** Upon the basis of facts disclosed by the record and reports of the Securities and Exchange Commission made pursuant to section 79z–4 11 See References in Text note below. of this title, and facts otherwise disclosed and ascertained, it is found that investment companies are affected with a national public interest in that, among other things— (1) the securities issued by such companies, which constitute a substantial part of all securities publicly offered, are distributed, purchased, paid for, exchanged, transferred, redeemed, and repurchased by use of the mails and means and instrumentalities of interstate commerce, and in the case of the numerous companies which issue redeemable securities this process of distribution and redemption is continuous; (2) the principal activities of such companies—investing, reinvesting, and trading in securities—are conducted by use of the mails and means and instrumentalities of interstate commerce, including the facilities of national securities exchanges, and constitute a substantial part of all transactions effected in the securities markets of the Nation; (3) such companies customarily invest and trade in securities issued by, and may dominate and control or otherwise affect the policies and management of, companies engaged in business in interstate commerce; (4) such companies are media for the investment in the national economy of a substantial part of the national savings and may have a vital effect upon the flow of such savings into the capital markets; and (5) the activities of such companies, extending over many States, their use of the instrumentalities of interstate commerce and the wide geographic distribution of their security holders, make difficult, if not impossible, effective State regulation of

Source: Supplied U.S. Code snapshot — release unconfirmed · 15 U.S.C. § 80a–1

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Federal law — U.S. Code and appendices · legal_authorities

15 U.S.C. § 77e — Prohibitions relating to interstate commerce and the mails

**(a) Sale or delivery after sale of unregistered securities** Unless a registration statement is in effect as to a security, it shall be unlawful for any person, directly or indirectly— (1) to make use of any means or instruments of transportation or communication in interstate commerce or of the mails to sell such security through the use or medium of any prospectus or otherwise; or (2) to carry or cause to be carried through the mails or in interstate commerce, by any means or instruments of transportation, any such security for the purpose of sale or for delivery after sale. **(b) Necessity of prospectus meeting requirements of [section 77j of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title15-section77j&num=0&edition=prelim)** It shall be unlawful for any person, directly or indirectly— (1) to make use of any means or instruments of transportation or communication in interstate commerce or of the mails to carry or transmit any prospectus relating to any security with respect to which a registration statement has been filed under this subchapter, unless such prospectus meets the requirements of [section 77j of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title15-section77j&num=0&edition=prelim); or (2) to carry or cause to be carried through the mails or in interstate commerce any such security for the purpose of sale or for delivery after sale, unless accompanied or preceded by a prospectus that meets the requirements of subsection (a) of [section 77j of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title15-section77j&num=0&edition=prelim). **(c) Necessity of filing registration statement** It shall be unlawful for any person, directly or indirectly, to make use of any means

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Federal law — U.S. Code and appendices · legal_authorities

15 U.S.C. § 78j — Manipulative and deceptive devices

It shall be unlawful for any person, directly or indirectly, by the use of any means or instrumentality of interstate commerce or of the mails, or of any facility of any national securities exchange— **(a)** (1) To effect a short sale, or to use or employ any stop-loss order in connection with the purchase or sale, of any security other than a government security, in contravention of such rules and regulations as the Commission may prescribe as necessary or appropriate in the public interest or for the protection of investors. (2) Paragraph (1) of this subsection shall not apply to security futures products. **(b)** To use or employ, in connection with the purchase or sale of any security registered on a national securities exchange or any security not so registered, or any securities-based swap agreement 11 So in original. Probably should be followed by a comma. any manipulative or deceptive device or contrivance in contravention of such rules and regulations as the Commission may prescribe as necessary or appropriate in the public interest or for the protection of investors. **(c)** (1) To effect, accept, or facilitate a transaction involving the loan or borrowing of securities in contravention of such rules and regulations as the Commission may prescribe as necessary or appropriate in the public interest or for the protection of investors. (2) Nothing in paragraph (1) may be construed to limit the authority of the appropriate Federal banking agency (as defined in [section 1813(q) of title 12](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1813/q&num=0&edition=prelim)), the National Credit Union Administration, or any other Federal department or agency having a responsibility under Federal law to prescribe rules or regulations restr

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Federal law — U.S. Code and appendices · legal_authorities

15 U.S.C. § 80a–51 — Short title

This subchapter may be cited as the “Investment Company Act of 1940”.

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Federal law — U.S. Code and appendices · legal_authorities

42 U.S.C. § 9675 — Applicability of securities laws

Page 7819 TITLE 42—THE PUBLIC HEALTH AND WELFARE § 9703 § 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 sec- tion 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 securi- ties for purposes of any State blue sky law. (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 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. CHAPTER 104—NUCLEAR SAFETY RE- SEARCH, DEVELOPMENT, AND DEM- ONSTRATION Sec. 9701. Congressional findings and declaration of pol- icy. 9702. Definitions. 9703. Research, development, and demonstration program; establishment; purposes; imple- mentation. 9704. National reactor engineering simulator feasi- bility study. 9705. Federal Nuclear Operations Corps’ study. 9706. Dissemination of information. 970

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