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That might not be true in all states. Last time I looked - Florida didn't have
the kind of "de minimus" rule you describe. FWIW - it's important to get the
law straight (and the law varies from state to state). In Florida - if you're
operating illegally - you may well be liable for all client losses regardless
of any fault. Robyn
"Money, James L" wrote:
> 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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