A security is a tradable financial instrument that falls within the statutory definition — stocks, bonds, options and investment contracts among them. The classification determines which regulator has authority and which antifraud provisions apply.
instruments and markets · updated 2026-09-08
See also
Howey test— The Howey test asks whether an arrangement is an investment of money in a common enterprise with an expectation of profits derived…
Commodity— A commodity, in US law, is far broader than a physical good: the Commodity Exchange Act's definition reaches most things underlyin…