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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
Good God.
I thought this was centrally regulated by the NFA. Robyn, could you
please clarify:
* Does each and every state also stick their nose in there, so they
could have different & more restrictive limits than the NFA?
* Does Florida (and perhaps other states) NOT honor the NFA's "fewer
than 15 clients" rule? (If so, what registration does FL require
since the NFA does NOT require a CTA?)
* If you trade for a FL client, have less than 15 clients, and are
not registered as a CTA (or whateverthehell FL requires), are you
considered to be "operating illegally" in FL and thus liable for all
losses?
* Is a CTA required to pore over (or pay attorneys to pore over) the
laws of each and every freakin' state where the CTA has clients!?!?
Yeesh. What a *mess*.
Gary
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