Page:United States Statutes at Large Volume 100 Part 2.djvu/617

 PUBLIC LAW 99-499—OCT. 17, 1986

100 STAT. 1719

"(1) Pollution liability insurance, and comprehensive general liability insurance which includes this coverage, provided to— "(A) a purchasing group; or "(B) any person who is a member of a purchasing group. "(2) The sale of any one of the following to a purchasing group or a member of the group: "(A) Pollution liability insurance and comprehensive general liability coverage. iJj "(B) Insurance related services. "(C) Management services. "(c) AGENTS OR BROKERS.—A State may require that a person acting, or offering to act, as an agent or broker for a purchasing group obtain a license from that State, except that a State may not impose any qualification or requirement which discriminates against a nonresident agent or broker. "SEC. 405. 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 5 of the Securities Act of 1933 and for purposes of section 12 of the Securities Exchange Act of 1934; and "(2) 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 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-l et seq.).

State and local governments. Discrimination, prohibition. 42 USC 9675.

15 USC 77e. 15 USC 78/. 15 USC 77q. 15 USC 78j.

"(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.". SEC. 211. DEPARTMENT OF DEFENSE ENVIRONMENTAL RESTORATION PROGRAM.

(a) IN GENERAL.—(1) Title 10, United States Code, is amended— (A) by redesignating section 2701 as section 2721; and (B) by inserting after chapter 159 the following new chapter:

"CHAPTER 160—ENVIRONMENTAL RESTORATION "Sec. "2701. "2702. "2703. "2704. "2705. "2706. "2707.

Environmental restoration program. Research, development, and demonstration program. Environmental restoration transfer account. Commonly found unregulated hazardous substances. Notice of environmental restoration activities. Annual report to Congress. Definitions.

"§ 2701. Environmental restoration program "(a) ENVIRONMENTAL RESTORATION PROGRAM.—

"(1) IN GENERAL.—The Secretary of Defense shall carry out a program of environmental restoration at facilities under the jurisdiction of the Secretary. The program shall be known as the 'Defense Environmental Restoration Program'. "(2) APPLICATION OF SECTION 120 OF CERCLA.—Activities of the

program described in subsection (b)(1) shall be carried out subject to, and in a manner consistent with, section 120 (relating to Federal facilities) of the Comprehensive Environmental Re-

10 USC 2701.

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