Securities and Exchange Commission v. W. J. Howey Co.

328 U.S. 293·1946

What the Court Decided

Landmark case establishing the test for what constitutes an 'investment contract' under securities laws, focusing on whether there is an investment in a common enterprise with profits from others' efforts.

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Cited In

Sripetch v. Securities and Exchange Commission

2025 Term · 25-466

Defines 'investment contract' and establishes foundational principles for SEC jurisdiction over securities transactions; relevant to determining whether petitioner's activities constitute investment advisory services.