Securities laws are designed to capture myriad arrangements where investors give money to a manager and expect to receive a return.

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Securities laws are designed to capture myriad arrangements where investors give money to a manager and expect to receive a return. For this purpose, the Securities Act and the Exchange Act define a “security” broadly as being “any note, stock, treasury stock, security future, security-based swap, bond, debenture, evidence of indebtedness, certificate of interest… transferable share…investment contract… or, in general, any interest or instrument commonly known as a ‘security.’”