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Gary,
The CFTC was chartered by the US Congress. It formulated the NFA. Each
has separate functions. Thier rules and regulations are FEDERAL and
therefore superceed all state regulations. In fact, most of the states
get into the act so they can collect a state license fee from brokers who
live in thier state, and increase thier revenue. I use to pay about $80
a yr. to Ca. for no reason I could figure. If you follow the federal
regulations you will most likely be ok. The information number for the
NFA is: (800)621-3570. AMA
Gary Fritz wrote:
> > 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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