Question: EXPLAIN (number your sentences). 1. Identify and explain the wisdom of registration of securities. (3 sentences) 2. In relation to investment contracts, explain the Howey

EXPLAIN (number your sentences). 1. Identify and explain the wisdom of

EXPLAIN (number your sentences). 1. Identify and explain the wisdom of registration of securities. (3 sentences) 2. In relation to investment contracts, explain the "Howey Test" (3 sentences) 3. Apply and explain the "Howey Test" in relation to a "pyramid investment scheme" (6 sentences)

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