Rookie Money Manager

Hello

I am not a rookie to trading but I am looking to start managing other people's money in Forex in the USA. I am looking for the required regulations in order to start doing so.

From what I can see so far, anything above 15 people's accounts I need to be regulated in the US. It appears that I need to the Series 3 and Series 34 licenses. Can anyone confirm that?

If I were to manage an account using the S&P Emini Futures then would I need to add the Series 7?

Do I register with the NFA?

The pricing seems to be a bit confusing to me so can somebody help me through understanding what all is necessary?

Thank you for your help

It depends on how you are planning on working.

Account Managers
Except for otherwise regulated U.S.-based financial institutions, registered
broker-dealers and certain affiliates, and financial holding companies, a
person or entity exercising trading authority over a customer's forex account
must register as a CTA. A person exercising trading authority over a
customer's account may not receive or hold the customer's funds. Those
funds must be held by the FCM or RFED counterparty.

Pool Operators
Except for otherwise regulated U.S.-based financial institutions, registered
broker-dealers and certain affiliates, and financial holding companies, a
person or entity who operates a pooled investment vehicle that is not an
eligible contract participant that trades forex must register as a CPO.

both can be read here
http://www.nfa.futures.org/nfa-compl...tory-guide.pdf

to become a CTA is here
http://www.wisdomfinancialinc.com/pd...come-a-CTA.pdf

In general, registration is required unless the CPO qualifies for one of the exemptions from registration outlined in CFTC Regulations 4.5 or 4.13. Examples of entities or individuals that may be exempt include the following:

 

1. Those otherwise regulated, such as a bank, insurance company, or a registered Investment Company,
2. Those who operate one or more small pool(s) that has received less than $400,000 in aggregate capital contributions and that have no more than 15 participants in any one pool, or
3. Those who operate pools that do not commit more than 10 percent of the fair market value of their assets to establish commodity interest trading positions and they trade commodity interests in a manner solely incidental to their securities trading activities.

the excerpt is from here
http://www.nfa.futures.org/nfa-regis...cpo/index.HTML


Basically unless you make a small amount of money and have 15 or less people in your CPO you must become registered or be operated illegally.


Hope these reads are what your looking for.