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About 3 years ago I was asking the same questions. The securities attorney
I was working with essentially said my "loopholes" were the following, such
that I did not have to be NASD licensed, nor registered as an investment
advisor:
1) Fewer than 15 clients.
2) Not receiving a fee for the purchase/sale of securities. My fee is
based upon the net gains/losses rather than the commission for the
purchase/sale of their stock.
Hope it helps,
Jim
> -----Original Message-----
> From: Don C [SMTP:countach@xxxxxxxxxxxxxxxx]
> Sent: Thursday, April 22, 1999 11:59 PM
> To: omega-list@xxxxxxxxxx
> Subject: Family Trading
>
> What are the rules on trading other people's accounts?
> (With their permission, of course.)
> Does one need to be registered or something?
>
> donc
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