The 1946 Case Securities and Exchange Commission V

question 195

Multiple Choice

The 1946 case Securities and Exchange Commission v. Howey, the Supreme Court established a test to determine when an investment is a security for the purposes of federal regulation. The test has:

• A) four basic elements
• B) convoluted and difficult to understand terms
• C) no practical applications
• D) one basic element
• E) two basic elements

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