The Federal Definition of a Security—An Examination of the “Investment Contract” Concept and the Propriety of a Risk Capital Analysis Under Federal Law
Campbell, Benny D.
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Defines a security that triggers federal securities laws and regulations designed to protect investors. The author takes a closer look at the “investment contract” concept and whether a risk capital analysis should be permitted. Also, the author cautions against too broad a definition of security that would be inconsistent with federal policy by making everything a federal case.