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>
>Requiring registration before expressing an opinion is called prior
>constraint, a violation of the 1st amendment.
>We all know that frauds exist - but has registration helped? I think not,
>when you realize that the CFTC refused the recommendation to make CTAs
take a
>basic futures examination.
>Registration does not protect the public but opens the door for intrusion
and
>opening up subscriber lists of newsletter publishers to the CFTC.
>
>Best wishes
>
>Manning Stoller
>
I'm a registered CTA, and had to pass an exam. So I'm not quite sure what
you mean here. Registered entities are required to hold to a certain
standard with regard to truth in advertising. How could this possibly be
harmful?
The "get rich quick miracle systems" etc are not coming from registered
CTAs. How about those ads from Omega Research? How about that sleazy guy
who made "about two hunded tousand", or the old lady who went "long only".
In my opinion Omega should be required to comform to the same
truth-in-advertising standards as registered professionals. For that
matter, how about those online stock brokers? The ads would give you the
impression that you can "daytrade the dream" or whatever from your kitchen
table, in your spare time. It seems pretty clear that the stock side could
use some tighter regulation as well.
Also as a registered entity our trading records are fully disclosed and
subject to audit. This is the other main feature of registration. Where's
the harm? Personally I like it. It gives us a certain legitimacy,
distinguishes us from the scammers.
Phil
"master of the obvious"
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