(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 [
15 U.S.C.
77e] and for purposes of section 12 of the Securities Exchange Act of 1934 [
15 U.S.C.
78l]; and
(2) considered to be securities for purposes of the provisions of section 17 of the Securities Act of 1933 [
15 U.S.C.
77q] and the provisions of section 10 of the Securities Exchange Act of 1934 [
15 U.S.C.
78j].
