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starbucks

Money Manager

By starbucks, in Forex

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starbucks    10

starbucks
Posted

I read an article in Forex Magnates today that NFA goes after PAMMs and money managers.

 

link : http://forexmagnates.com/nfa-now-goes-after-pamms-and-money-managers/

 

Does any one know that is it illegal to be a money manager to trade for clients in Interactive Broker - Friend & Family program and Oanda fxTrade Manager (less than 15 clients) without register with any regulated body ?

 

Is there any way to be a Money manager without register with regulated body ?

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starbucks    10

starbucks
Posted
As far as I know, signing the limited power of attorney is enough to make you a money manager :roll eyes:
Hi Obsidian,

Thx for the input. I think POA is not enough because it just authorised us to trade for clients. Correct me if am wrong.

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Obsidian    10

Obsidian
Posted

If they needed any extra documents, wouldn't they let you know?

 

I remember that oanda has forex managed account available for u.s. division but it is only available to u.s. citizens.

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starbucks    10

starbucks
Posted
If they needed any extra documents, wouldn't they let you know?

 

I remember that oanda has forex managed account available for u.s. division but it is only available to u.s. citizens.

ya, Oanda will ask you to sign some forms to declare that you are CPO etc something like that, but we are not CPO etc so how to over come this.....

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Obsidian    10

Obsidian
Posted
ya, Oanda will ask you to sign some forms to declare that you are CPO etc something like that, but we are not CPO etc so how to over come this.....

 

I would tell you to try another broker but if you are a u.s. citizen you don't have many choice I guess

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starbucks    10

starbucks
Posted
I would tell you to try another broker but if you are a u.s. citizen you don't have many choice I guess
Which broker would you recommend, btw, I'm not US citizen. What the impact if NFA take action like my 1st post mentioned.

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mohsinqureshii    10

mohsinqureshii
Posted
find a non u.s. broker and you are fine I guess...you can try thinkforex

 

Agree With Obsidian.A non U.S broker is Very best option for you. there are any UK based brokers who provide the same platform ( MT4 ). You can find them with the help of google aswell.

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christianhgross    10

christianhgross
Posted

I read your post and I get concerned... Here is why... Governments don't take it lightly when you just manage people's money without any regarding to regulations. I am taking my portfolio manager license for Canada exam because I want to make sure that the law or intent is on my side.

 

For the most part the law does not care what you do. It cares when you do the following; advertise, and bugger up.

 

IB has a friends and family account which means that for the most part for a few clients you can manage money and be within the confines of the law. Most countries will "close their eyes" and not go after you. The idea is that they want you to be able to start without having to do all of the paperwork.

 

For example in the US I think you just have to take a simple exam, and registeration and you may manage money up a certain amount.

 

When you get above a certain amount and IB will indicate that to you, then you need to get regulated. Then it is not optional and you better get your ducks in a row because if you screw up you are going to jail.

 

One of the loopholes people use is off shore brokers. People think then you are not subject to the law since, well the brokerage is offshore. Fine, if you happen to be living offshore as well. BUT if you are in one country, and your client is in the same country then in the eyes of the law you are breaking the law. Look closely at the Stanford case for that. Thus if you and your client are in the US you are subject to United States law, no and's, if's or but's...

 

Remember this, if you want to make this as a profession stay on the up and up, as you might be burning bridges down the road. And it is not that difficult to start... Just a bit of studying, and a bit of registration. That is IMO not too much to ask.

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starbucks    10

starbucks
Posted
I read your post and I get concerned... Here is why... Governments don't take it lightly when you just manage people's money without any regarding to regulations. I am taking my portfolio manager license for Canada exam because I want to make sure that the law or intent is on my side.

 

Remember this, if you want to make this as a profession stay on the up and up, as you might be burning bridges down the road. And it is not that difficult to start... Just a bit of studying, and a bit of registration. That is IMO not too much to ask.

Hi Christiangross,

 

Thank you so much on your kind advice. I agreed with you. if we manage small fund government would take action againt us, once the fund the will come with hard action then the fine will be bigger. :)

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Obsidian    10

Obsidian
Posted
...

For example in the US I think you just have to take a simple exam, and registeration and you may manage money up a certain amount....

 

I don't think it is that easy...they check if you know how to vaporize 1billion from customer funds :rofl:

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