Hi,

Correct me if wrong, the way I perceive the Friends & Family account at Interactive Brokwrs is the following

You cannot directly solicit or advertise to the public unless you 1st become a Commodity Trading Advisor (CTA). However, If you find yourself managing capital as a result of word of mouth (friends, family, close associates) and the amount of investors stays below 15 persons, then it is legal and considered the equivalent an investment or trading club.

First question, isn’t there any rule of a cap on AuMs handled ? Whether individually or globally. I studied the Series 3 NFA exam a long time ago and I imagine it existed but I fail to remember. Be my guest and rectify if you know. Thx

Second question, what is the context of the legality of this setup ? I see it is available at IB UK too. Does it work based on the jurisdiction where the trading takes place (US / UK for IB) ?
I noticed that Dukascopy is also open to deliver PAMM accounts without questions asked. They are based outside of the UE (Switzerland) and so am I (Andorra). Does it play a role ?
Because, if it happens from a FINRA/FINMA regulation perspective, why would it apply to foreign residents (“manager”/pilot and/or “investors”) with tolerance ?

Please educate me with precisions

Niels and Moritz answer nearly the same question on this week's Top Traders Unplugged podcast:

https://www.toptradersunplugged.com/112-the-systematic-investor-series-november-1st-2020/

I suggest you listen.... they do a much better job answering this than I would.