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Legality of forex fund management in Australia

  • Post #1
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  • First Post: Mar 8, 2011 7:15am Mar 8, 2011 7:15am
  •  Agro
  • | Joined May 2007 | Status: Member | 407 Posts
Hello all.

I live in Australia and I want to know if it is legal for me to manage a fund for my parents. I want to use fxmanager at OANDA, but when I was reading the frequently asked questions i noticed this one

Q. What certification do I need to have?
Managers should refer to their national or regional regulatory body to determine whether certification or registration is required to trade or manage client funds in their jurisdiction.

As I have mentioned, it is just for my parents and I will not be looking for any other clients. And before you warn me, yes they are totally aware of the risks and it is a very small percentage of their totall worth and money they are completely willing to lose. It is however quite a large sum, we are not just talking a few thousand dollars here.

Cheers all
  • Post #2
  • Quote
  • Mar 8, 2011 7:32am Mar 8, 2011 7:32am
  •  Mr J
  • | Joined Aug 2009 | Status: Member | 1,074 Posts
Just set up a family trust and trustee company - you won't need a qualification. Talk to your accountant, not your lawyer.
 
 
  • Post #3
  • Quote
  • Mar 8, 2011 11:37am Mar 8, 2011 11:37am
  •  katongogo
  • | Joined Mar 2011 | Status: Member | 29 Posts
You dont need any qualification to control someone's account as long as you have permission. And to get the permission, that's where you need your qualification for clients. For your parents, as long as they give you permission to use their fund, nothing else is needed. (Is just like a joint account)
 
 
  • Post #4
  • Quote
  • Mar 9, 2011 3:09am Mar 9, 2011 3:09am
  •  Agro
  • | Joined May 2007 | Status: Member | 407 Posts
Thanks for the replies guys
 
 
  • Post #5
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  • Mar 9, 2011 3:31am Mar 9, 2011 3:31am
  •  Noloqy
  • | Joined Mar 2009 | Status: Member | 352 Posts
I'm not sure what katongogo said is totally correct. I'm no expert, but the way I always understood it is that (in the US), you can manage up to a certain number of accounts without any license. However, if you manage more, you need to get certain FINRA certifications. Of course, regulations in Australia may be totally different, but I think its highly unlikely that you need any certification managing just your parents' account.

I'm sure there's people here that know the exact details.
The nail that sticks out gets hammered back in
 
 
  • Post #6
  • Quote
  • Mar 9, 2011 4:25am Mar 9, 2011 4:25am
  •  000dragan
  • | Membership Revoked | Joined Sep 2010 | 2,072 Posts
Just open an account in ur own name man,
i think they trust u
or a pamm account on alpari

but dont go crazy trading ,trading in someone else account is the same like trading urs,this ones more scarier playing with otgher peoples money

unless u know the reason why the price moneS,dont risk it
 
 
  • Post #7
  • Quote
  • Mar 9, 2011 8:43am Mar 9, 2011 8:43am
  •  katongogo
  • | Joined Mar 2011 | Status: Member | 29 Posts
Quoting Noloqy
Disliked
I'm not sure what katongogo said is totally correct. I'm no expert, but the way I always understood it is that (in the US), you can manage up to a certain number of accounts without any license. However, if you manage more, you need to get certain FINRA certifications. Of course, regulations in Australia may be totally different, but I think its highly unlikely that you need any certification managing just your parents' account.

I'm sure there's people here that know the exact details.
Ignored
Yes, that i agree with. There would be a limit as to how many accounts someone can control without any certification. I was only referring to this specific case for his parents. Do worry too much about legality and just trade (i do the same for my parents).
 
 
  • Post #8
  • Quote
  • Mar 12, 2011 9:14am Mar 12, 2011 9:14am
  •  profitt
  • | Membership Revoked | Joined Mar 2011 | 52 Posts
Quoting Agro
Disliked
Hello all.

I live in Australia and I want to know if it is legal for me to manage a fund for my parents.
Ignored
Request your parents to transfer money to your account so that you can trade this money as personal money. When you earn profits, share the profits with your Parents. All in the family.
 
 
  • Post #9
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  • Last Post: Nov 21, 2011 1:04am Nov 21, 2011 1:04am
  •  hedgeitall
  • | Joined Oct 2011 | Status: Member | 29 Posts
Quoting katongogo
Disliked
Yes, that i agree with. There would be a limit as to how many accounts someone can control without any certification. I was only referring to this specific case for his parents. Do worry too much about legality and just trade (i do the same for my parents).
Ignored
Regulatory guides RG36 Licensing: Financial product advice and dealing and RG 146 Licensing: Training of financial product advisers on our website at: http://www.asic.gov.au/licensingrg

Dont get caught!
 
 
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