United States investment contractsecurities act 1933howey test

SEC v. W.J. Howey Co.

328 U.S. 293 (1946)

JurisdictionUnited States

CourtSupreme Court of the United States

Year1946

StatusBinding authority

Key Principle

Established the test for determining whether a financial arrangement constitutes an 'investment contract' and therefore a security subject to federal securities regulation.

Area of Law

commercial

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