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Steve
One additional point. Here in CA, if you limit your activities to less than
15 people, don't advertise or hold yourself out to the public, etc. and
manage $200,000 or less, no registration is required at the State level
either.
Best wishes
Guy
-----Original Message-----
From: owner-metastock@xxxxxxxxxxxxx
[mailto:owner-metastock@xxxxxxxxxxxxx]On Behalf Of Steve Karnish
Sent: Tuesday, May 11, 1999 8:04 PM
To: metastock@xxxxxxxxxxxxx
Subject: Re: CFTC Strikes!
Gee Glen,
Sorry to disagree. I believe the textbook definition is more like:
"A CTA is an individual or organization which, for compensation or profit,
advises others as to the value of or the advisability of buying or selling
futures contracts or commodity options.
Providing advice indirectly includes exercising trading authority over a
customer's account as well as giving advice through written publications or
other media.
Registration is required unless:
(a) You have provided advice to 15 or fewer persons during the past 12
months and do not generally hold yourself out to the public as a CTA or
(b) you are in one of a number of businesses or professions listed in the
Act or are registered in another capacity and your advice is solely
incidental to your principal business or profession."
There are exemptions for "investment advisors" also. Check with your
state. Investment advisors that control less than 20 million are regulated
by the state they do business in.
Steve Karnish
CTA
----------
> From: Glen Wallace <gcwallace@xxxxxxxx>
> To: metastock@xxxxxxxxxxxxx
> Subject: Re: CFTC Strikes!
> Date: Tuesday, May 11, 1999 5:22 PM
>
> Dave:
>
> I am far from the most qualified here, but I can handle your first
question:
> Commodity Futures Trading Commission. They have a website at
> http://www.cftc.gov/
>
> Your second question: not only can I not dispense investment advice, but
> offering legal advice is a no-no, too. Poke around the CFTC website and
> when the time comes, talk to a lawyer.
>
> Regards.
>
> ----- Original Message -----
> From: <dave-mc@xxxxxxxxxxxxxx>
> To: <metastock@xxxxxxxxxxxxx>
> Sent: May 11, 1999 14:26
> Subject: Re: CFTC Strikes!
>
>
> > Glen,
> >
> > For my own edification and protection:
> >
> > 1) Who is the CFTC?
> >
> > 2) If I ever learned enough about trading to be consistently
profitable,
> > could I invest money for others (i.e. friends) if I
> >
> > a) did not charge for my advice or services
> > b) stated that I was not a financial planner of any kind
> > c) had a disclaimer that I did not promise any results of any kind.
> >
> > I think I would be safe to do this, but just wanted to sanity-check it.
> >
> > Thanks,
> > Dave
> >
> > ----- Original Message -----
> > From: Glen Wallace <gcwallace@xxxxxxxx>
> > To: MetaStock listserver <metastock@xxxxxxxxxxxxxxxxxx>
> > Sent: Tuesday, May 11, 1999 1:57 PM
> > Subject: Fw: CFTC Strikes!
> >
> >
> > > This is from the Omega Listserver, with names and addresses removed.
> > >
> > > Be careful, people.
> > > ___________________________________________________________
> > >
> > >
> > > ----- Original Message -----
> > > From: RL
> > > To: Omega List
> > > Sent: May 11, 1999 11:44
> > > Subject: CFTC Strikes!
> > >
> > > I just got a Certified Letter from a Trial Attorney at CFTC.
> > >
> > > They ask for all documents published, maintained, issued, written
and/or
> > > distributed by E (my company) concerning "I" (my system);
> > >
> > > A list of all present anf former subscribers, customers and/or
clients
> > > for "I" including addresses and telephone numbers;
> > >
> > > Copies of all promotional brochures, advertisements and/or other
> > > descriptive literature concerning "I";
> > >
> > > Copies of all correspondence received from or sent to present or
> > > former subscribers of "I".
> > >
> > > Now the laughable part is that I have never had ANYONE at ANY TIME
> > > pay me ANYTHING for the results of a system-in-testing! The
frightening
> > > part is that someone at CFTC is either mining the Web (unlikely, as
> > > I can't find my Web page with HotBot or Lycos) OR they are monitoring
> > > this e-mail list.
> > >
> > > In that I never charged and only used the Web page to present the
> > > results of a scientific test of the system --- AND given that my
> > > attorney is the former State Attorney General and he advised me I
> > > was OK if I didn't charge and didn't hold myself out to be an advisor
> > > (I ALWAYS stated I didn't know how to trade ...) --- I hope to
> > > clear this up with a letter.
> > >
> > > I will keep the list informed. I called the CFTC Trial Attorney and
> > > got voice mail. They may even return the call.
> > >
> > > Cheers,
> > > RL
> > >
> > >
> > > ----- Original Message -----
> > > From: MS
> > > To: Omega List
> > > Sent: May 11, 1999 12:38
> > > Subject: Re: CFTC Strikes!
> > >
> > >
> > > RL,
> > >
> > > In my opinion, The CFTC is going to try to charge you with failing to
> > > register as a CTA. I sincerely hope that you can clear this up with a
> > letter
> > > but doubt it.
> > >
> > > Once anyone is registered, the CFTC has a legal right to demand
> subscriber
> > > lists, financial records and anything else even remotely related.
> > >
> > > Again, in my opinion this is OK if the CTA is managing money, has
power
> of
> > > attorney or gives individual advice.
> > >
> > > If you have only used this or another list to talk about your
program,
> > then
> > > you haven't given individual advice. However, if you have
communicated
> > with
> > > an individual and given any advice or opinion to an individual,
BINGO.
> > >
> > > Good luck RL,
> > >
> > > MS
> > >
> > >
> >
>
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