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In litigation over the token sale, the court applied the Howey test to decide whether the offering constituted an investment contract under the Securities Act of 1933.
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In litigation over the token sale, the court applied the Howey test to decide whether the offering constituted an investment contract under the Securities Act of 1933.
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Related words
Howey test
Proper noun
(law)
A
test
to
determine
whether
an
instrument
qualifies
as
an
"investment
contract"
for
the
purposes
of
the
Securities
Act
of
1933:
it
must
be
"a
contract,
transaction
or
scheme
whereby
a
person
invests
his
money
in
a
common
enterprise
and
is
led
to
expect
profits
solely
from
the
efforts
of
the
promoter
or
a
third
party".
Japanese Meaning
Howeyテスト：1933年証券法の下で、ある金融商品が投資契約に該当するかどうかを判断するための法的基準。具体的には、投資家が共通の事業に資金を投入し、その見返りとしてプロモーターまたは第三者の努力によってのみ利益を期待する場合に、投資契約として認められるかを評価するテスト。
Related Words
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