In order to meet the requirements of the Howey test, an investor must not have direct control over the work that makes the investment a success or failure.

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According to the Howey test, for an investment to be considered a security, the investor must not have direct control over the work that makes the investment a success or failure. This is because if the success of the investment depends on the efforts of others, it is more likely to meet the definition of a security.

In Order to Meet the Requirements of the Howey Test