In SEC v. Howey, the Supreme Court announced that securities covered by the federal securities laws are all listed in the Securities Act of 1933.

Question

Quizplus · Accepted Answer

In SEC v. Howey, the Supreme Court announced the test for determining whether an investment contract is a security, known as the Howey test. The court did not state that all securities covered by federal securities laws are listed in the Securities Act of 1933. The Securities Act of 1933 does provide a list of securities that are subject to registration and disclosure requirements, but it is not an exhaustive list of all securities covered by federal securities laws.

In SEC V Howey, the Supreme Court Announced That Securities Covered by Covered