Howey Test - "An investment contract for purposes of the Securities Act means a contract, transaction or scheme whereby a person invests his money in a common enterprise and is led to expect profits solely from the efforts of the promoter or a third party." Translation Securities Offering

Practice of the Howey Test -
    *      an investment of money has been made,
    *      in a common enterprise and
    *      the investor has the expectation of profits, which profits are expected to arise solely, or substantially, from the efforts of the promoter or third party.


Securities Act of 1933 - " The Securities Act of 1933, the Securities and Exchange Act of 1934, and most state securities acts (Blue Sky laws) include the term "investment contract" within the definition of a security. None of these statutes, however, defines the term. Thus, the United States Supreme Court, in Securities & Exchange Commission v. W. J. Howey Company,(23) set forth the following three-prong test to determine if an instrument constitutes an investment contract:"

An investment contract for purposes of the Securities Act means a contract, transaction or scheme whereby a person invests his money in a common enterprise and is led to expect profits solely from the efforts of the promoter or a third party
You invest money into an HYIP/AutoSurf you deal commonly with the Owner of said program, and you rely on the efforts of the Promoter to gain profits.