6Financial Stability Board, "Shadow Banking: Strengthening Oversight and Regulation: Recommendations of the Financial Stability Board", available at http ://www. financialstabilityboard, org/publications/r_ 111027a. pdf, visited on May 20, 2013.
7SEC v.W.J. Howey, Co., 328 U.S. 293 (1946).
8See Paul Slattery, "Square Pegs in a Round Hole : SEC Regulation of Online Peer-to-Peer Lending and the CFPB Alternative", 30 Yale Journal on Regulation (2013), p. 252.
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9Belleflamme P, et al. Crowdfunding: An industrial organization perspeetive[R] Working Paper, 2010.
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