14 lines
1.2 KiB
Markdown
14 lines
1.2 KiB
Markdown
# Howey Test
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A legal test which defines whether an investment contract is designed as a [security](security.md) under United States law.
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1. Investment of money
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2. In a common enterprise
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3. With the expectation of profit
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4. To be derived from the efforts of others
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## References
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1. ‘SEC v. WJ Howey Co.’ 1946. US. Supreme Court.
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1. Burilov, Vlad. 2019. ‘Regulation of Crypto Tokens and Initial Coin Offerings in the EU: De Lege Lata and de Lege Ferenda’. European Journal of Comparative Law and Governance 6 (2): 146–86. https://doi.org/10.1163/22134514-00602003.
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1. Cornish, Chloe, and Richard Waters. 2018. ‘Silicon Valley Investors Line up to Back Telegram ICO’. Financial Times, January. https://www.ft.com/content/790d9506-0175-11e8-9650-9c0ad2d7c5b5.
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1. Hacker, Philipp, and Chris Thomale. 2018. ‘Crypto-Securities Regulation: ICOs, Token Sales and Cryptocurrencies under EU Financial Law’. European Company and Financial Law Review 15 (4): 645–96.
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1. Zetzsche, Dirk A, Ross P Buckley, Douglas W Arner, and Linus Föhr. 2017. ‘The ICO Gold Rush: It’s a Scam, It’s a Bubble, It’s a Super Challenge for Regulators’. University of Luxembourg Law Working Paper, no. 11: 17–83. |