Which of the following is NOT part of the Howey test?
A) Scienter
B) An investment of money
C) Common enterprise
D) Profits obtained solely through the efforts of others

Question

Quizplus · Accepted Answer

Scienter (knowledge of wrongdoing or intent to deceive) is not part of the Howey test, which is used to determine whether an investment contract qualifies as a security. The other three elements, an investment of money, a common enterprise, and profits obtained solely through the efforts of others, are all part of the Howey test.

Which of the Following Is NOT Part of the Howey