((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 [] and for purposes of section 12 of the Securities Exchange Act of 1934 []; and

((2)) considered to be securities for purposes of the provisions of section 17 of the Securities Act of 1933 [] and the provisions of section 10 of the Securities Exchange Act of 1934 [].

((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 ( et seq.).15 U.S.C. 80a–1

((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.