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See McClure v. First Nat. Bank of Lubbock, Texas, 497 F. 2d 490, 492-494 (C.A. 51974) ;Holloway v. Peat, Marwick, Mitchell & Co., 879 F. 2d 772, 778-779 (C.A.10 1989).
The fundamental purpose undergirding the Securities Acts is “to eliminate serious abuses in a laregely unregulated securities market.” See United Housing Foundation, Inc. v. Forman, 421 U.S. 837, 849 (1975).
Securities Regulation－case and material， Richard W. Jennings, Harold Marsh, Jr, John C. Coffee. Jr, Joel Seligman, Foundation Press, 1998, p295.
Exchange Nat’l Bank of Chicago v. Touche Ross & Co., 544 F. 2d 1126. 1137 (C.A. 2 1976).
Chemical Bank v. Arthur Andersen & Co., 726 F. 2d 930, 939 (C.A. 2 1984).
Supreme Court of the United States,1946, 328 U.S. 293, 66 S.Ct. 1100, 90 L. Ed. 1244.
关于“Howey检验”的内容和运用，可以参见笔者文章《美国证券法“证券”定义之“投资合同”的法律辨析》，详见笔者个人主页http://article.chinalawinfo.com/article/user/homepage.asp?UserId=54155。
Arthur Young & Co. v. Reves, 856 F.2d, at 54. Baurer v. Planning Group, Inc., 215 U.S. App. D.C. 384, 391-393, 669 F.2d, at 54.
为了让读者更好得理解联邦法院意图，笔者此处写出判决中此段原文。The demand notes here may well not be “investment contracts,”but that does not mean they are not “notes”. To hold that a “note” is not a “security” unless it meets a test designed for an entirely different variety of instrument “would make the Acts’ enumeration of many types of instruments superfluous” and “would be inconsistent with congress’ intent to regulate the entire body of instruments sold as investments.” 在这里，Marshall大法官的判决借鉴了Landreth Timber一案的判决，读者可以参阅Supreme Court of the United States, 1985, 471 U.S. 681, 105 S.CT. 2297, 85 L.Ed. 2d 692.
See Securities Regulation－case and material， Richard W. Jennings, Harold Marsh, Jr, John C. Coffee. Jr, Joel Seligman, Foundation Press, 1998, p355。.
为了便于读者更准确理解这几个因素，笔者在此处注出英文原文，以便对照阅读。We examine the transaction to assess the motivations that would prompt a reasonable seller and buyer to enter into it. See Securities Regulation－case and material， Richard W. Jennings, Harold Marsh, Jr, John C. Coffee. Jr, Joel Seligman, Foundation Press, 1998, p355。.
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