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TermHowey Decision
Definition
What does Howey Decision mean? It is a U.S. Supreme Court decision that defined an “investment contract” as “an investment of money in a common enterprise where the investor will profit solely through the efforts of others.”

How the exam might test Howey Decision: important in determining whether the security or investment contract needs to be registered in the state or not. If it is an investment contract, then it needs to be registered, unless it is a federal covered security or is exempt from registration.

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