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Quotation from Reves v. Ernst & Young by Supreme Court of the United States
“Finally, we examine whether some factor such as the existence of another regulatory scheme significantly reduces the risk of the instrument, thereby rendering application of the Securities Acts unnecessary.”
Reves v. Ernst & Young, Opinion of the Court (Justice Marshall), Part II-A (U.S. Reports text (Wikisource))
Justice Marshall sets out the fourth of the factors used to compare a note with the recognized exceptions.
Citation: "Finally, we examine whether some factor such as the existence of another regulatory scheme significantly reduces the risk of the instrument, thereby rendering application of the Securities Acts unnecessary." — Supreme Court of the United States, Reves v. Ernst & Young, Opinion of the Court (Justice Marshall), Part II-A (U.S. Reports text (Wikisource)). (id reves-v-ernst-and-young-q4)
Portrait: Thurgood-marshall-2, Robert S. Oakes, Public domain.
