---
kind: "section"
citation: "42 U.S.C. § 9675"
title: "42"
title_heading: "The Public Health and Welfare"
number: "9675"
heading: "Applicability of securities laws"
release: "119-102"
date: "2026-07-12"
url: "https://uscodex.org/usc/42/9675"
units:
  - "Chapter 103 — Comprehensive Environmental Response, Compensation, and Liability"
  - "Subchapter IV — Pollution Insurance"
---

# §9675. Applicability of securities laws

- (a) **Ownership interests—** The ownership interests of members of a [risk retention group](/usc/42/9671.md?p=3) shall be considered to be—
  - (1) exempted securities for purposes of [section 77e of title 15](/usc/15/77e.md) and for purposes of [section 78l](/usc/15/78l.md) of title 15; and
  - (2) securities for purposes of the provisions of [section 77q of title 15](/usc/15/77q.md) and the provisions of [section 78j of title 15](/usc/15/78j.md).
- (b) **Investment Company Act—** A [risk retention group](/usc/42/9671.md?p=3) shall not be considered to be an investment company for purposes of the Investment Company Act of 1940 ([15 U.S.C. 80a–1](/usc/15/80a–1.md) et seq.).
- (c) **Blue sky law—** The ownership interests of members in a [risk retention group](/usc/42/9671.md?p=3) shall not be considered securities for purposes of any [State](/usc/42/9601.md?p=27) blue sky law.

## 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.)

## Notes

### 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.