((a)) ** Ownership interests** The ownership interests of members of a risk retention group shall be considered to be—

((1)) exempted securities for purposes of and for purposes of section 78 of title 15; and

((2)) securities for purposes of the provisions of and the provisions of .

((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 ( et seq.).15 U.S.C. 80a–1

((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.