United States

SEC v WJ Howey Co

328 US 293 (1946)

JurisdictionUnited States

Year1946

Statusunclear

Key Principle

An 'investment contract' under the Securities Act is (1) an investment of money (2) in a common enterprise (3) with an expectation of profits (4) solely from the efforts of others (the Howey test).

Area of Law

corporate

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